09/07/2022
NEWS STORY
Under the deal agreed by yesterday's meeting of the F1 Commission, the original budget cap of $140m this year is raised to $145.5m - more than it stood in 2021, the first year of the cap - but still Christian Horner isn't happy.
At yesterday's meeting of the F1 Commission, following consultation with the Financial Advisory Committee, F1 and nine of the teams approved the FIA's proposal that recognised "the unexpected increase of costs incurred by teams in 2022 thereby permitting indexation at a limited rate of 3.1% (which takes into account the original 3% inflation threshold already set out in the regulations) and permitting compounding of this rate as from 2023. This will preserve the long-term integrity of the Financial Regulations".
This followed the previous $1.2m allowed as the result of the inclusion of a 22nd race on this year's calendar.
As a result, the original budget cap of $140m this year is raised to $145.5m, but Christian Horner still isn't happy.
"Is it enough? Not compared to inflation, and what it is today," said the Red Bull boss, according to Motorsport.com. "It's not enough for us, and it's too much for the little ones. So it's a compromise, and a consensus was found in the end."
Asked if his team can keep to the new limit, he replied: "We're going to have to do everything that we can."
Since the meeting it has been revealed that the only team that objected to the raising of the limit was Alpine, whereas it was previously thought that it was Alfa Romeo that had opposed the move.
"I'm obliged to accept it because of the governance," said Otmar Szafnauer. "Eight teams voted, and then it goes through. And now, that's the new rule, and we've got to follow it.
"It's difficult to start changing rules in the middle of the season," he added. "The FIA believed it was a compromise."
"A deal is always a compromise," said Frederic Vasseur. "If everybody was happy or everybody was unhappy, it means that it's a good deal.
"At the end, we need to move forward and to find a solution. The situation is critical for everybody."
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