How much do F1 drivers earn?
Christian Horner insists he is “absolutely confident” in Red Bull’s submission as the team face a nervous wait to discover whether they have breached Formula 1’s cost cap rules.
The FIA was due to reveal on Wednesday which teams have met last term’s $145m (£114m) budget, but an announcement at around 4pm BST confirmed the report will not be published until on Monday, one day after the Japanese Grand Prix. The FIA said: “Analysis of the financial submissions is a long and complex process which is ongoing and will be concluded to enable the certificates to be issued on Monday 10 October.”
In the build-up to Sunday’s Singapore Grand Prix, which was won by Red Bull’s Sergio Perez, the team faced unproven claims that went beyond that figure, possibly by more than five percent, which would equate to more than $7.25 million (£). 5.6m). Red Bull denies the allegations.
FIA penalties for non-compliance range from a warning, financial penalties, to the deduction of points from drivers and even exclusion from last year’s championship, won by Max Verstappen in thrilling fashion against Lewis Hamilton.
Follow F1 updates live on The Independent as FIA delay reveals its findings on cost cap
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F1 news: BREAKING – Red Bull forced to wait as FIA delays verdict on F1 budget cap
The FIA has delayed announcing its findings on the 2021 F1 cost cap until Monday.
News of the verdict was expected today as Red Bull and Aston Martin had breached last year’s $145m budget.
However, as the clock ticked past midnight in Japan, where drivers and teams prepare for this weekend’s Japanese Grand Prix, the governing body confirmed they have delayed the announcement until Monday, describing the process as “long and complex”.
The FIA said: “Analysis of the financial submissions is a long and complex process which is ongoing and will be concluded to enable the certificates to be issued on Monday 10 October.” More below:
Red Bull forced to wait as FIA delays verdict on F1 budget cap
News on the cost cap findings was expected today, but the FIA has set a new date for Monday
Kieran Jackson October 5, 2022 4:08 p.m
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F1 news: Full statement from the FIA…
“The analysis of the financial communications is a long and complex process that is ongoing and will be concluded to allow the issuance of the certificates on Monday 10 October.
“As previously communicated, there has been significant and unsubstantiated speculation and conjecture in relation to this matter, and the FIA reiterates that until this is finalised, no further information will be provided.
“The FIA also reiterates that any suggestion that FIA staff have disclosed sensitive information is equally unfounded.”
Red Bull forced to wait as FIA delays verdict on F1 budget cap
News on the cost cap findings was expected today, but the FIA has set a new date for Monday
Kieran Jackson October 5, 2022 4:21 p.m
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F1 News: Cost cap UPDATE
So the big news is… no news! There will be no budget limit updates today!
The FIA says: “Analysis of the financial submissions is a long and complex process which is ongoing and will be concluded to enable the certificates to be issued on Monday 10 October.”
So the new date to release the 2021 cost cap findings is Monday, a day after the Japanese Grand Prix.
Kieran Jackson October 5, 2022 4:02 p.m
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F1 news: F1 CEO Ross Brawn in 2019: ‘break financial rules, lose your championship’
Formula 1 CEO and former Ferrari boss Ross Brawn warned in 2019, at the official launch of the sport’s new financial model and cost cap plans, that teams that “breach the financial regulations will lose their championship.”
Three years ago, at a press conference in Texas, Brawn said: “Financial regulations are the dramatic change in F1.
“We have tried that in the past and we have not been successful. I think the most important thing about the financial regulations now is that they are part of the FIA regulations.
“So the penalties for breaching financial regulations will be sporting sanctions of some kind, depending on the severity of the breach.
“Whereas before we had the resource constraint, which was a gentlemen’s pact between teams, I’m afraid there aren’t many gentlemen in the paddock, and that was a failure.
“But this has teeth. If you fraudulently breach financial regulations, you lose your championship. So there are serious consequences if teams breach those regulations.”
(PA file)
Kieran Jackson October 5, 2022 3:30 pm
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F1 news: Toto Wolff called ‘sore loser’ over Red Bull budget cap allegations
Former Formula 1 driver Ralf Schumacher has branded Toto Wolff a “sore loser” after the Mercedes team principal criticized Red Bull for breaking the budget cap. Wolff hit out at his rivals at the recent Singapore F1 after reports described how Christian Horner’s team broke the limit last year.
The 2021 season saw a controversial finish with Red Bull’s Max Verstappen wresting the world championship from Mercedes’ Lewis Hamilton in the final laps. Wolff’s comments have indicated to Schumacher that the team boss is not done with the result of the season.
“Whatever comes out – for me, Toto Wolff, with his harsh criticism, is rather the big loser who still hasn’t digested the fact that he lost the 2021 World Championship,” Schumacher told Sky Germany. “I think it’s a shame. What is clear, though, is that the cost cap has to be respected. If it wasn’t, of course there should be a penalty.
“The basic structure has definitely been shaken. The FIA must investigate itself, because it cannot and cannot happen that something gets out of hand. What is happening here only damages Formula 1 and only the same world governing body may be to blame.”
Kieran Jackson October 5, 2022 3:01 pm
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F1 News: Cost cap UPDATE
Still, we await any news from the FIA as we clock in past 10.30pm in Japan, where all the F1 teams and drivers are ahead of this weekend’s Grand Prix.
At 9.50am (BST) this morning, the FIA said it would update “on the timing of the financial compliance process in the coming hours”. Now we are beyond that point…
A reminder of what’s at stake here:
Formula 1 installed the sport’s first budget cap in 2021, set at $145m (£114m).
Minor non-compliance = overspending less than 5%. Sanctions can be:
– Deduction of points from the Drivers’ and Constructors’ Championship
– Suspension of one or more phases of a competition
– Limitations in the ability to perform aerodynamic or other tests
– Reduction of the cost limit
Major breach: overspending of more than 5%. Sanctions can be:
– Deduction of points from the Drivers’ and Constructors’ Championship
– Suspension of one or more phases of a competition
– Suspension of an entire competition
– Exclusion from the Championship
– Reduction of the cost limit
Red Bull’s Max Verstappen won last year’s World Championship by eight points over Mercedes’ Lewis Hamilton.
Kieran Jackson October 5, 2022 2:30 pm
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F1 news: FIA findings and punishments could be game over for F1 cost cap
Ferrari racing director Laurent Mekies highlighted the importance of the FIA’s current findings and potential punishments for the future of F1’s budget cap.
“It’s a very vital test for the cost cap,” Mekies said in Singapore. “And, as we said, if we don’t pass this test, it’s probably over, because the implications are huge.
“Should we talk about penalties now? Probably not. I know that’s probably what the people in the stands want to see and we respect that. But we are actually much earlier in the process than that.
“Probably an even more key aspect is: Is there a breach? Do we agree on the entity of the breach and thereby confirm the standard that everyone is obeying?
“So I think what is very crucial now is that the FIA fully complies with the rules as they are written now. And then the sanctions are something else.”
Ferrari racing director Laurent Mekies has highlighted the importance of the FIA’s current findings
(Getty Images)
Kieran Jackson October 5, 2022 2:24 p.m
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F1 news: Aston Martin boss ‘surprised’ to be named as potential cost cap breacher
Aston Martin team principal Mike Krack believes his team has done nothing “very wrong” with its finances ahead of the FIA’s findings on F1’s 2021 cost cap.
Aston was named, along with Red Bull, as one of two teams reported to have failed to meet last year’s $145m (£114m) budget.
“It’s a process where you make your submission, and then the FIA is looking at it and comes back with questions,” Krack said in Singapore.
“And this process still continues. So we don’t really know what the outcome will be. There is a discussion. We have questions about interpretation, they have questions about interpretation.
“And we were surprised to read our name on this thing. So, let’s see. We don’t think we’ve done anything wrong.”
Aston Martin team principal Mike Krack believes his team have done nothing ‘very wrong’
(Getty Images)
Kieran Jackson October 5, 2022 1:58 p.m
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F1 news: Mercedes boss Toto Wolff considers unscheduled trip to Japan GP
Mercedes boss Toto Wolff is considering an unscheduled trip to Japan this weekend to deal with the fallout from the long-awaited cost cap row consuming Formula One.
The FIA will reveal on Wednesday whether any teams have breached last season’s £114m budget.
Red Bull have faced unproven allegations they broke financial rules when they powered Max Verstappen to their championship win over Lewis Hamilton in 2021.
Wolff has asked the FIA to take…