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Formula 1 raises budget ceiling due to inflation

2022-07-08T13:48:12.289Z


Formula 1 is reacting to rising costs and is raising its recently introduced budget cap slightly. The upper limit is therefore raised by 3.1 percent. Nine of the ten teams voted in favor.


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Lewis Hamilton in training with Spielberg

Photo: LEONHARD FOEGER / REUTERS

In view of the significantly increased costs due to inflation, the Formula 1 teams are allowed to spend more money this year than originally agreed.

The upper limit of the equivalent of around 141 million euros was raised by 3.1 percent.

That was decided on Friday.

According to the international automobile association Fia, nine of the ten racing teams voted in favor of the increase at a meeting on the sidelines of the Austrian Grand Prix in Spielberg.

The statement did not make it clear who did not vote for it.

Above all, the transport costs are making Formula 1 a lot to deal with this year.

Some racing teams also raised the issue of sharply increased costs for energy and the maintenance of the racing factories.

The upper limit was included in the rules last year

This was preceded by difficult discussions, Williams team boss Jost Capito said.

"There are teams that don't mind spending more," said the German on Sky TV: "And there are teams that are still working below the budget cap." The decision is therefore "a compromise that nobody likes.

But that means it's a good compromise."

The smaller racing teams have recently been concerned above all that the top teams in particular will benefit from a softening of the spending limit because they will have to limit themselves less than planned.

Several of the underdog racing teams are not reaching the limit with their budgets anyway, while the top teams are at least somewhat slowed down by strict spending limits.

The upper limit was included in the rules last year to ensure more equal opportunities.

It was initially $145 million per team, but this year it dropped again to $140 million as planned.

In the coming year, it will be reduced by a further 4.5 million euros.

Those responsible have not yet reached an agreement on the future engine regulations.

The discussions should be close to a conclusion.

Ultimately, however, this still has to be approved by the Fia World Council.

Before that, VW's entry into Formula 1 from 2026 with its two subsidiaries Porsche and Audi, which has been speculated about for a long time, is unlikely to be confirmed.

ara/dpa/sid

Source: spiegel

All sports articles on 2022-07-08

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