Oh god... F1
Helmut Marko believes budget cap saga is not over: ‘Six teams above’ 2022 limitRed Bull’s Helmut Marko reckons as many as six teams are over the budget cap for 2022, despite the increase due to inflation.of $140 million – this was after a campaign from some of the teams, including Red Bull, to have the cap increased in light of unprecedented inflation.
A meeting of the F1 Commission resulted in nine of the 10 teams agreeing to a 3.1% increase, translating to $4.3 million, after the FIA shared the opinion of the teams that they would be at risk of non-compliance with the Financial Regulations as a result of inflation. Red Bull’s Christian Horner was a particularly vocal campaigner for the increase, citing fears teams could be forced to miss races towards the end of 2022 in order to stay within the cap. This was after unprecedented levels of global inflation were kicked off by Russia beginning military action in Ukraine – resulting in a knock-on effect on logistics and freight costs, as well as spiraling energy costs.
Red Bull accepted the ABA proposed by the FIA after their overspend was found, despite their protestations that they felt their assessment of costs had been within the $145 million limit – their defence being that the FIA had changed the classification of some spending areas after the submissions for ’21 had been made.
Marko reiterated that stance, saying Red Bull’s calculations had left them with quite a large safety margin.We had Ernst & Young check everything.In the end, there was only $400,000 left.”
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Helmut Marko believes it’s a done deal: Mick Schumacher out, Nico Hulkenberg inHelmut Marko has nailed his colours to the Nico Hulkenberg mast in predicting who will fill the only remaining F1 seat next year.
Read more »
The best MacBook you can buy in 2022Looking for the best MacBook you can buy? We've compared all the options to help you decide.
Read more »
Remembrance Sunday 2022: Order of service of Cenotaph parade and ceremonyRemembrance Day and Remembrance Sunday are approaching, honouring both the end of WWI and those who have died defending the UK and Commonwealth.
Read more »
The most 'beautiful' baby names of 2022 revealedNew research carried out by parenting gift site My1stYear has shown which popular baby names are the most beautiful, according to the theory of linguistics.
Read more »
World Cup TV deals 2022: today's best sales on sporty screensPick up a big-screen bargain before the big games start
Read more »