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All teams complied with F1 cost cap in 2022
The FIA has confirmed that all ten teams complied with the financial regulations in 2022 and have been handed their relevant certificates.
In the first year of the cost cap, Red Bull and Aston Martin were penalized for breaches, with Williams also cited for the late reporting of its accounts. However, with a year’s experience of the new regulations, all teams have come in under the cost cap up for the reporting period ending 31 December 2022, despite the FIA focusing on non-F1 aspects to ensure there was no hidden work being undertaken.
“The review has been an intensive and thorough process, beginning with a detailed analysis of the documentation submitted by the competitors,” the FIA reported. “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.”
In addition, the FIA has announced that it has expanded the Cost Cap Administration and will continue to do so moving forward to make the process as robust as possible.
“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.”
Chris Medland
While studying Sports Journalism at the University of Central Lancashire, Chris managed to talk his way into working at the British Grand Prix in 2008 and was retained for three years before joining ESPN F1 as Assistant Editor. After three further years at ESPN, a spell as F1 Editor at Crash Media Group was followed by the major task of launching F1i.com’s English-language website and running it as Editor. Present at every race since the start of 2014, he has continued building his freelance portfolio, working with international titles. As well as writing for RACER, his broadcast work includes television appearances on F1 TV and as a presenter and reporter on North America's live radio coverage on SiriusXM.
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