With F1 returning with back-to-back races after the summer break, most teams are diverting their focus to 2024. The result of the 2022 budget cap audit was expected in the first days of September. The FIA kept its promise, announcing the results today.
Compared to last year, the first year of this new financial regulation, a far clearer timeline was set. The FIA is also more acclimatised to the process of the budget caps.
No Team exceeded in 2022: All ten teams respected the budget cap
The FIA confirms that the official body for the Cost Cap (Cost Cap Administration) completed the documentation sent by each team for 2022, covering the entire year ending in December.
The FIA Cost Cap Administration certifies that all ten teams were in compliance.
The review process was intense and thorough, starting with a detailed analysis of the documentation signed by the competitors.
In addition, close scrutiny was carried out on non-F1 related activities, which included on-site visits to many team facilities and in-depth inspections to check compliance with financial regulations.
The FIA Cost Cap Administration specifies that all participants acted in the spirit of good faith and cooperation during this process.
The FIA also states that financial rules are essential to the long-term financial stability of the sport and will continue to be developed and improved following these review processes.
This includes the rules themselves, which are written and approved under the Governance process. of FIA Formula 1, and how they are reinforced and controlled. The FIA has made and will continue to make important investments in this department for the collective good of the Sport.
Author: Paolo D’Alessandro
Translation: Jaden Diaz-Ndisang