The FIA has announced today the findings of its F1 financial regulations audit and declared all teams came in under the spending cap during the 2022 season.
“The review has been an intensive and thorough process, beginning with a detailed analysis of the documentation submitted by the competitors,” said the FIA in a statement.
Drama of breach avoided
The financial regulations were introduced into Formula One for the 2021 season in a attempt to stop the bigger outfits having a significant advantage over the rest of the field. The 10 teams faced a spending limit of $145m with certain exceptions like driver salaries.
This was reduced for the 2022 season to $140m and again in 2023 to $135m and will now remain at this level until the next big regulation changes in 2026.
Last season the sport faced up to the drama of one team breaching the spending limits, though despite certain ‘leaked information’ the claims of a vast overspend by Red Bull were ultimately unfounded.
Escape clauses in Hamilton contract explained
New spending rules for 2022
After the inappropriate accounting for a tax credit was reversed the team was deemed to had spend around 0.37% more than the financial regulations allowed.
However., Red Bull were fined the second largest amount in Formula One history and penalised 10% of the aerodynamic testing allowance for a year. This prohibition will expire in around 6 weeks time and the world champions will return to their full wins tunnel and CFD allocation as they push to develop their car for 2024.
There were concerns earlier this season because after the accounting period had closed, the FIA clarified a number of technical issues on how to record non-F1 related intellectual property which then finds its way into a team’s sporting operations.
Wolff: “doors closing” for Schumacher 2024
FIa deploy extra resource
No longer can Aston Martin for example, undertake research and development in its car manufacturing division and pass this knowledge across for free to their Formula One team.
Yet despite this all 10 teams have been given a clean bill of health by the FIA who confirmed the additional work had been carried out.
“Additionally, there has been an extensive check of any non-F1 activities undertaken by the teams, which comprised multiple on-site visits to team facilities and careful auditing procedures to assess compliance with the Financial Regulations,” the FIA added.
“The FIA Cost Cap Administration notes that all competitors acted at all times in a spirit of good faith and cooperation throughout the process.”
Ricciardo F1 return this year now uncertain
Red Bull breach no incentive
The 2022 Red Bull penalty for its spending breach was deemed by many as insufficient as team bosses and commentators alike suggested this would merely encourage others to break the rules.
Yet clearly the shocking public relations experience suffered by the world champions has restrained the other 9 from pushing the limits and risking the wrath of the FIA.
FIA more timely report
The FIA too has cleaned up its act following huge criticism last season for the three month delay in the announcement of its financial regulations audit.
The target date for assessing the financial submissions from the teams was initially July earth year, so just a five week extension has been taken this season by F1’s governing body.
READ MORE: Leclerc criticised in Ferrari post race debrief
They battled on track, then bantered off it! 😆@LandoNorris 🤜🤛 @alex_albon #ItalianGP #F1 pic.twitter.com/JXcE9UEJTj
— Formula 1 (@F1) September 4, 2023
