F1 Austrian GP LIVE: Formula 1 Commission: Before the Austrian Grand Prix’s first practice session, the Formula 1 Commission convened in Spielberg and came up with various recommendations, including changes to the Financial Regulations to accommodate for higher expenditures in 2022. Follow Formula 1 Updates and Austrian Grand Prix Live on InsideSport.IN.
F1 boss Stefano Domenicali, FIA President Mohammed bin Sulayem, F1 Motorsports boss Ross Brawn, and all 10 team principals gathered on Friday morning to discuss a series of topics. This was to talk about various topics including the impact of high inflation on the cost cap of the teams and the 2026 engine regulations.
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— F1 Media (@F1Media) July 8, 2022
#F1 – FIA Formula 1 Commission Meeting 8 July 2022 – Statementhttps://t.co/czLttVPyIo
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The FIA came up with a proposal to the commission that permits “indexation at a limited rate of 3.1% (which takes into account the original 3% inflation threshold already set out in the regulations) and permitted compounding of this rate as from 2023”. It was approved by the majority and backed by the FIA, Formula 1, and nine teams out of ten present on the grid.
Rising inflation rates have had a significant impact on Formula 1 teams, which, in the words of the FIA and F1, “creates a threat of noncompliance with the Financial Regulations if actions are not taken.“
“This will preserve the long-term integrity of the financial regulations,” FIA said.
On Friday, Formula One authorized a modest increase to its yearly budget maximum of $140 million per team to help offset the effects of inflation and growing energy and freight costs.
In order to ensure “a fair application of the metric used to assess this oscillation across all cars,” the FIA notes that it will go into effect beginning with the Belgian Grand Prix after speaking with the teams and providing them enough time to adjust the plank and skid components as necessary.
The 2026 Power Unit standards were also on the table; according to the FIA, they are “near to finalization.”
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