One of the biggest stories of the 2022 Formula 1 season actually dates back to the year prior, when for the first time a cost cap was introduced.
The results of the auditing from the FIA for the 2021 accounts revealed that three teams committed breaches of the cost cap, with Red Bull committing the biggest offence by overspending on the $145 million budget.
As a result, the team was punished with a $7 million fine and must forfeit 10% of its aerodynamic development allowance.
F1 Chief Executive Officer, Stefano Domenicali, spoke to Gazzetta dello Sport about the saga and the positive step it has made towards bringing in financial stability.
“Let’s take a step back first. The introduction of the budget cap is a positive step. We needed more financial stability in the sport. We are talking about a reality where before only sporting and technical regulations existed,” he said.
“The introduction of the financial variable is not without fits and starts. That is why it is important for the FIA to organise a structure that was not there before.
“The teams were used to spending everything they could. I trust and hope that the FIA’s decision to penalise Red Bull was the right one.”
Domenicali: System 100% credible
Given the fallout between Red Bull and fellow teams who accused them of ‘cheating’ Domenicali still has trust in the governing body with determining the penalties for overspends.
“I am outside of that politics. The motorsport federation is strong in controlling the rules. At the same time, the FIA is restructuring everything under the rule of Mohammed Ben Sulayem,” he said.
“The system has to be 100% credible because it has to benefit everyone involved. F1, the FIA, the teams and the organisers.
“We are in good health as a sport, but it doesn’t take much to lose that again.”