F1 paddock breathes collective sigh of relief as FIA awards all 10 teams compliance certificates following auditors £111m spending cap probe… after Red Bull picked up £5.5m fine for £400,000 breach in 2022
- Red Bull were last year found to have overspent by more than £400,000
- The FIA noted the need for spending regulation to preserve the sport’s future
- The body conducted checks into any non-F1 activities undertaken by the teams
Formula One teams breathed a sigh of relief on Tuesday when all 10 of them were awarded compliance certificates relating to last season’s cost cap.
After extensive work by the governing FIA, nobody was found to breached the $140million limit (currently worth £111m).
The FIA auditors looked into the potentially thorny subject of teams using non-F1 operations to hide staffing and development costs, but found no transgressions.
The findings are based both on teams’ own submissions handed over to the FIA in March and independent research that included visits to factories.
Under the financial regulations teams cannot now challenge a rival’s compliance. The time for that has elapsed, having previously offered anonymity to whistleblowers.
All 10 Formula One teams have been given compliance certificates by the sport’s governing body
Christian Horner’s (pictured) Red Bull were last year found to have breached spending caps by over £400,000
Article 6.11 states: ‘There shall be no right of appeal against any decision by the cost cap auditors to issue a compliance certificate to an F1 team.’
Last year, Red Bull were found to have overspent by just over £400,000. They were fined £5.5m and had their wind-tunnel testing allowance reduced.
After fevered speculation of more breaches this time around, the teams instead received their certificates on Tuesday morning.
In a statement, the FIA confirmed: ‘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 reporting period.
‘The FIA Cost Cap Administration has issued certificates of compliance to all of the 10 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 One 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.’
The FIA confirmed the certificates had been awarded in a statement on Tuesday – pictured: FIA president Mohammed ben Sulayem