FIA completes its review of compliance with the 2023 FIA Formula 1 Financial Regulations

Sport news The FIA confirms that its Cost Cap Administration (CCA) has now completed its review of the Reporting Documentation in respect of the Reporting Period that ended on 31 December 2023, submitted by each F1 Team that participated in the 2023 FIA Formula One World Championship and by each Power Unit (PU) Manufacturer registered to supply the new generation of PU that will be introduced from 2026.   2023 is the third year of implementation of the Financial Regulations for F1 Teams and the first year of implementation of the Financial Regulations for PU Manufacturers.   The review of the Reporting Documentation was a thorough and intensive process spanning five months with all F1 Teams and all PU Manufacturers giving their full support in providing the required information. The CCA notes that all F1 Teams and all PU Manufacturers acted at all times in a spirit of good faith and co-operation throughout the process.   The review findings are as follows:   F1 Team review process results: All 10 F1 Teams found in compliance for 2023. PU Manufacturer review process results: 4 PU Manufacturers found in compliance for 2023, and Procedural Breaches identified for Alpine Racing SAS and Honda Racing Corporation (HRC). The CCA confirms that although Alpine Racing SAS and HRC have both been found to be in Procedural Breach, neither have exceeded the Cost Cap level. Both Alpine Racing SAS and HRC have acted at all times in good faith and are currently cooperating with the CCA to finalise the matter. Considering the nature of the breach, the complexities of the new Financial Regulations for PU Manufacturers and the challenges associated with their first year of implementation it is the CCA’s intention to propose to these two PU Manufacturers to settle their respective breaches by means of an Accepted Breach Agreement (ABA). A summary of the ABAs, if accepted by these two PU Manufacturers, will be published once finalised as provided for by the Financial Regulations.   Click  here  to read the Financial Regulations for F1 Teams and the Financial Regulations for PU Manufacturers in full. FIA Formula One World Championship Formula 1 F1 SEASON 2024 Sport Circuit 1SportFIA Formula One World ChampionshipCircuitF1SEASON 2024Formula 100 Wednesday, September 11, 2024 - 9:47am Wednesday, September 11, 2024 - 9:47am