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Formula 1 approves minor increase on budget cap
Formula 1 approved a small increase to its $140-Million per team annual budget cap on Friday to help with the burden of inflation and rising energy and freight bills. The change was announced by the governing FIA after a meeting of the Formula 1 commission at the Austrian Grand Prix and was approved by the required majority and nine of the 10 teams. 'Rapidly increasing inflation rates since the end of 2021 have affected Formula One teams, and it is the opinion of the FIA and Formula One that this creates a risk of noncompliance with the financial regulations if actions are not taken,' the governing body said. The governing body's proposal allowed for 'indexation at a limited rate of 3.1%'....
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2y ago from GrandPrix247.com
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