September 11, (THEWILL) – The FIA, Formula One’s governing body, announced on Wednesday that all 10 Formula One teams complied with the cost cap for chassis manufacturing in 2023. However, engine manufacturers, Alpine and Honda, breached procedural regulations.
The Cost Cap Administration (CCA) conducted a thorough five-month review of reporting documentation. The process received full support from all F1 teams and power unit manufacturers in providing the required information. The CCA noted that all parties acted in good faith and cooperated throughout the process.
While the 10 F1 teams were found in compliance, Alpine and Honda, who supplied engines to AlphaTauri and world champions Red Bull, faced unspecified procedural breaches. The CCA stated that despite these breaches, neither manufacturer exceeded the cost cap level. Both Alpine Racing SAS and Honda Racing Corporation (HRC) are currently working with the CCA to finalise the matter.
The cost cap, introduced after the 2021 season, was set at $140.4 million for 2023. Its purpose is to limit spending, ensure the sport’s viability, and reduce the competitive gap between larger and smaller teams.
This announcement marks a significant milestone in Formula One’s efforts to maintain financial fairness and competitiveness across the grid.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
