The FIA has announced that all ten teams have filed their 2022 accounts within last year’s budget cap. Each team will receive a certificate of compliance for meeting the cap between 1 January and 31 December 2022, which stands at a base of £108 million plus extras.
This time last year accusations started flying around that not all teams were within the cap, most noticeably 2021 drivers champions Red Bull. Who were fined £1.5m and given a ten per cent reduction in their allotted aerodynamic testing. while Aston Martin were also fined £388,000 for a procedural breach
The FIA added that non-F1 activities within each team were studied extensively, along with on-site visits, but none were found to have breached the cap, amid earlier controversy that teams were using engineering off-shoots to influence their F1 projects. This is a loophole that has now been closed off.
There had been rumours reported either, amid rumours earlier in the season that there were indeed teams who had breached the regulations pertaining to the cap.
The governing body stated that: “The FIA Cost Cap Administration has issued certificates of compliance to all of the ten Competitors. The review has been an intensive and thorough process, beginning with a detailed analysis of the documentation submitted by the competitors.”
“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 Cost Cap Administration notes that all Competitors acted at all times in a spirit of good faith and cooperation throughout the process.”
This follows last year’s controversy that Red Bull had been found to have overspent by approximately $1.8m, for which it received a financial penalty of $7m and a 10% reduction in its allotted aerodynamic testing in a defined “Minor Overspend Breach” – which amounts to under 5% of the overall cost cap value.
Aston Martin was also fined “because it inaccurately excluded and/or adjusted costs in the calculation of its relevant costs”.
The period has now elapsed for any teams to appeal the FIA’s verdict. It is understood the governing body had a complaints process in place in addition to a whistleblower service, and neither was used.
