Good morning! Competitiveness in racing and finances are closely intertwined. This week, the FIA confirmed that all teams adhered to the $135M cost cap established for 2022, indicating a collective lesson learned from Red Bull’s expensive misstep in 2021. But with Red Bull’s current significant competitive advantage, it begs the question… was it worth it? 🤔
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Full Compliance at Full Speed
In a notable budgetary victory, the FIA declared that all ten F1 teams have stayed within the bounds of the 2022 budget cap of $135M, securing the sport’s financial stability and fostering a spirit of cooperation.
FIA stated, “The FIA confirms that its Cost Cap Administration has now completed the review of the Reporting Documentation submitted by each Competitor…all of the ten Competitors have been issued certificates of compliance.” Emphasizing that this process was “intensive and thorough”, it was highlighted that all teams acted “in a spirit of good faith and cooperation” throughout the process.
Last year, Red Bull faced a $7m fine and a wind tunnel time reduction for exceeding the cap. Now it seems, all teams have learned to play by the new rules, ushering in a new era of fiscal responsibility and competition.
“Financial Regulations are essential to the long-term financial stability of the sport,” noted the FIA, promising continuous refinement to benefit the collective spirit of the sport.
🌎 Andretti Autosport becomes Andretti Global
🤕 Ricciardo expected to miss Singapore and Japan
🙄 Wolff dismisses Verstappen record: ‘It’s for Wikipedia’
⌚️ Sainz mugging an unpleasant anecdote
🇯🇵 Toto Wolff to be absent for Japanese GP due to knee surgery
Take a trip to far away motorsport lands
🌧️ The Acropolis Rally faces a wet and slippery challenge as heavy rain is expected to hit the WRC event this weekend. Read more
🇯🇵 Ritomo Miyata, the reigning Super Formula Lights champion, will make his WEC debut at the 6 Hours of Fuji, replacing Daniel Serra in the #51 Ferrari. Read more
🎮 EA Sports WRC, the official game of the World Rally Championship, will launch in November with the 2023 season, classic cars and 600km of stages. Read more
🙏 Otojiro Tanimoto, a veteran rider in the Japan Superbike Championship, has passed away after a crash at Motegi on Sunday. Read more
🏆 Antron Brown and Ron Capps have defended their US Nationals titles in Top Fuel and Funny Car respectively, at the NHRA’s biggest event of the year. Read more
The Money Lap Podcast | Episode 19
Episode 19 is out NOW! Parker gears up with exhilarating news as he re-signs with Big Machine Racing for 2024, while Landon cruises in for a cheeky reminder about Cameo. F1 splashes into the spotlight with a wild wet weekend, and further intrigue follows as the federation puts the brakes on flexible wings. Elsewhere in the electric world, Formula E sparks excitement with their 2024 pit stops overhaul!
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