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Formula 1 confirms amendments to cost cap

The F1 teams will have a new financial target to aim for in 2023 after the F1 Commission approved changes to the cost cap.

Formula 1 have confirmed that they will amend part of the cost cap, owing to the increase in the number of grands prix. As part of a number of changes announced by the Formula 1 Commission, teams will now have an increase in how much they can spend. It was agreed that for every race after the 21st event, the cost cap per race would be increased from $1.2m to $1.8m, owing to "the trend of the additional races being added to the calendar" and to cater for the increase in "expensive" flyaway races. With the calendar being at 23 races this year, the total increase in the cost cap is $1.2m. A number of teams have cited the cost cap as a reason for a lack of development towards the end of 2022, and Red Bull were the only team to have been found guilty of overspending in the 2021 season, with Williams and Aston Martin committing smaller offences.

Changes to cost cap auditing, and staff welfare

The F1 Commission also approved changes to the wording of parts of the Financial Regulations to create an easier auditing process. On top of that, it was also agreed that a mandatory winter shutdown for competitors and power unit manufacturers will take place, similar to the summer shutdown which is currently in place every season.

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