The FIA has issued a statement in response to rumors that two teams may have exceeded the budget cap for the 2024 season. Ahead of the race weekend in Mexico, reports circulated suggesting one minor procedural violation and one serious breach of the so-called cost cap. However, the FIA emphasizes that the analysis of the teams’ financial data is still ongoing.
“The FIA’s Cost Cap Administration is in the process of finalizing the assessment of the submissions from teams and power unit manufacturers for 2024,” the organization stated. “The results of this are expected to be announced soon.” The FIA made it clear that it will not comment on specific teams while the assessment is ongoing: “We do not comment on individual submissions from specific teams and/or power unit manufacturers. The results of the assessment will be made public once all submissions have been reviewed and finalized.”
FIA’s Budget Cap
The budget cap, which has been in effect since 2021, aims to reduce the differences between the teams. The base limit is $135 million, but due to inflation adjustments, the actual cap for 2024 is between $150 and $160 million. The rules only cover performance-related costs, such as the development and production of parts; marketing expenses and the salaries of the highest-paid employees and drivers are not included in the limit.
This would not be the first time teams have exceeded the FIA’s budget cap. In 2022, it was revealed that Max Verstappen‘s team, Red Bull, and Aston Martin had overspent in 2021. Red Bull was fined $7 million and received ten percent less wind tunnel time, while Aston Martin got away with a procedural violation and a fine of $450,000. The FIA announced that the results of the current investigation will be released ‘soon’, possibly even before the season finale in Abu Dhabi.
