Formula One teams were on Friday allowed to spend more money this season, with the 140 million dollars cost cap raised by 3.1%.
Formula One said that the ruling body body FIA, Formula One and nine of the 10 teams voted in favour of the rise. It was not announced which team opposed the move at the F1 commission meeting.
Global inflation and the Russian invasion of Ukraine have led to rising prices in many aspects of the F1 business, especially in the transportation sector.
FIA said the approved proposal “recognises 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.”
The FIA also said that talks on F1 cars’ power unit from 2026 onwards were “close to finalisation.”
More sustainable engines are to run on sustainable fuel and 50 per cent of their power to be electric as F1 seeks to lure new constructors into the series, such as Germany’s Audi and Porsche.
dpa
