🏎 Under Budget

FIA confirms that all 10 teams stayed within cost cap in 2022

September 06, 2023

Good morning! Competitiveness in racing and finances are closely intertwined. This week, the FIA confirmed that all teams adhered to the $135M cost cap established for 2022, indicating a collective lesson learned from Red Bull's expensive misstep in 2021. But with Red Bull's current significant competitive advantage, it begs the question... was it worth it? 🤔

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F1

Full Compliance at Full Speed

In a notable budgetary victory, the FIA declared that all ten F1 teams have stayed within the bounds of the 2022 budget cap of $135M, securing the sport's financial stability and fostering a spirit of cooperation.

FIA stated, “The FIA confirms that its Cost Cap Administration has now completed the review of the Reporting Documentation submitted by each Competitor...all of the ten Competitors have been issued certificates of compliance." Emphasizing that this process was "intensive and thorough", it was highlighted that all teams acted "in a spirit of good faith and cooperation" throughout the process.

Last year, Red Bull faced a $7m fine and a wind tunnel time reduction for exceeding the cap. Now it seems, all teams have learned to play by the new rules, ushering in a new era of fiscal responsibility and competition.

"Financial Regulations are essential to the long-term financial stability of the sport," noted the FIA, promising continuous refinement to benefit the collective spirit of the sport.

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NASCAR

Signed. Sealed. Delivered.

In a turn that quiets the speculation in the garage, three-time Daytona 500 champ Denny Hamlin has locked in a multi-year contract extension with his long-time home, Joe Gibbs Racing (JGR).

Reflecting on the nearly 20-year journey, a nostalgic Joe Gibbs remarked, ”It is amazing to think it has been almost 20 years since J.D. [Gibbs] first saw him race and we signed him to that first contract.”

Hamlin, equally sentimental, noted, "Joe Gibbs Racing has been my home for almost 20 years now. I'm excited to finally announce this so we can put all our focus on chasing the championship.”

💥 Though delayed by his co-ownership role in 23XI Racing, the bond between Hamlin and JGR remains strong, steering straight towards hopes of a championship. The driver is eager to add a Cup title to his already illustrious career.

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IndyCar

Driver Shuffle at Meyer Shank

IndyCar's game of musical chairs 🎵🪑 continues. Felix Rosenqvist is ditching his Arrow McLaren ride to suit up with Meyer Shank Racing in 2024, taking the seat of 2016 champ Simon Pagenaud. Why the vacancy? Pagenaud's season was halted post a nasty crash 🤕 in July, leading to post-concussion symptoms.

Rosenqvist is ready to roll: “I’m super excited to start the next chapter of my IndyCar career together with MSR. This will be a great opportunity for myself and MSR to elevate and get to the next level together.”

Team boss Mike Shank echoed, “Felix has been someone that has been on our radar for quite some time now and everything lined up this year to work something out with him.”

Pagenaud, reflecting on his departure, expressed gratitude 🙏 and is focusing on his recovery. As for Rosenqvist's McLaren spot? Rumors have David Malukas expecting to fill the vacancy.

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GLOBAL MOTORSPORT

Take a trip to far away motorsport lands

🌧️ The Acropolis Rally faces a wet and slippery challenge as heavy rain is expected to hit the WRC event this weekend. Read more

🇯🇵 Ritomo Miyata, the reigning Super Formula Lights champion, will make his WEC debut at the 6 Hours of Fuji, replacing Daniel Serra in the #51 Ferrari. Read more

🎮 EA Sports WRC, the official game of the World Rally Championship, will launch in November with the 2023 season, classic cars and 600km of stages. Read more

🙏 Otojiro Tanimoto, a veteran rider in the Japan Superbike Championship, has passed away after a crash at Motegi on Sunday. Read more

🏆 Antron Brown and Ron Capps have defended their US Nationals titles in Top Fuel and Funny Car respectively, at the NHRA’s biggest event of the year. Read more

The Money Lap Podcast | Episode 19

Episode 19 is out NOW! Parker gears up with exhilarating news as he re-signs with Big Machine Racing for 2024, while Landon cruises in for a cheeky reminder about Cameo. F1 splashes into the spotlight with a wild wet weekend, and further intrigue follows as the federation puts the brakes on flexible wings. Elsewhere in the electric world, Formula E sparks excitement with their 2024 pit stops overhaul!

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