The FIA has completed and filed its report of Cost Cap for the 2022 season where all F1 teams have passed with full compliance.
After breaches from Williams, Aston Martin and majorly Red Bull last year in the 2021 Cost Cap report, the FIA has confirmed that all 10 teams are in compliance with the Cost Cap for the 2022 season despite reports from multiple medias about issues here and there.
Those reports linked few teams to be not in compliance but the FIA has always shrugged those off noting that the process was still on. The governing body now has cleared all the 10 teams of any breaches after thorough checks which included factory visits.
After reports of breaches surfaced for 2022, some of the F1 teams wanted stricter action unlike how it was dealt with the 2021 breaches. But with all 10 teams in compliance, no action will be required for the time being as focus shifts towards next year’s findings.
Here’s the note from the FIA –
“The FIA confirms that its Cost Cap Administration has now completed the review of the Reporting Documentation submitted by each Competitor that participated in the 2022 FIA Formula One World Championship in respect of the 2022 Full Year Reporting Period ending on 31 December 2022. 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.
“The FIA also notes that the Financial Regulations are essential to the long-term financial stability of the sport, and that they will continue to be developed and refined based on the findings of each review process both in terms of the regulations themselves, which are written and approved under the FIA Formula 1 governance process, and the way in which they are enforced and policed. The FIA has made and will continue to make significant investments in this department for the collective benefit of the sport.”
Here’s the full report: https://www.fia.com/sites/default/files/fia_formula_1_financial_regulations_-_issue_16_-_2023-08-31.pdf
