F1 Commission agrees on tweaks to financial regulations
F1 Commission agrees on tweaks to financial regulations. A meeting of the Formula One Commission took place in Spielberg in advance of the first practice session for the Austrian Grand Prix. The commission gave certain outcomes, which include modifications to the Financial Regulations to take into consideration greater expenditures that will be incurred in 2022…
On Friday morning, the boss of Formula One, Stefano Domenicali, the president of the International Automobile Federation (FIA), Mohammed Ben Sulayem, the boss of Formula One Motorsports, Ross Brawn, and all ten team principals got together to talk about a variety of themes.
Since the conclusion of the previous year, rising inflation rates have had a negative impact on Formula One teams to such an extent that the FIA and F1. They have determined that this “creates a risk of non-compliance with the Financial Regulations if actions are not taken.”
FIA
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According to the FIA, they have presented a proposal to the Commission that would allow “indexation at a limited rate of 3.1 percent (which takes into account the initial 3 percent inflation threshold. It has already been set out in the regulations) and permitted compounding of this rate as of 2023.”
This was accepted by the necessary majority and received backing from the FIA, Formula 1, and nine of the ten teams.
In addition to this, there has been movement with regard to the draught version of the Technical Directive. It was published in advance of the British Grand Prix to address safety concerns surrounding the vertical oscillation of the vehicles (in other words porpoising).
According to the FIA, after having discussions with the teams and in order to give the teams enough time to make the necessary updates to the plank and skid assemblies that will allow “a fair application of the metric used to measure this oscillation across all cars.” And, it will go into effect beginning with the Belgian Grand Prix. This decision was made in order to allow the teams enough time to make these updates.
They stated that “enhanced controls” implemented by the FIA in Canada will be maintained. In addition to the fact that several proposed actions to address this issue in the 2023 Technical Regulations were also discussed and are scheduled to be taken in time for the next meeting of the Technical Advisory Committee.
A majority of those present also voted in favor of amending the regulations to make it possible for preseason testing to take place in a region other than Europe four days before the first Grand Prix of the year.
In the meantime, the regulations for the Power Units of 2026 were also discussed during the meeting, and the FIA stated that the package of regulations “is near to finalisation.”