Formula 1
Formula 1
28 Mar
Event finished
R
Emilia Romagna GP
18 Apr
FP1 in
2 days
R
Portuguese GP
02 May
FP1 in
16 days
09 May
Next event in
21 days
23 May
Race in
39 days
R
Azerbaijan GP
06 Jun
Race in
53 days
13 Jun
Race in
60 days
27 Jun
Race in
74 days
04 Jul
Next event in
77 days
18 Jul
Race in
95 days
R
Hungarian GP
01 Aug
Race in
109 days
29 Aug
Race in
137 days
05 Sep
Race in
144 days
26 Sep
Race in
165 days
R
Singapore GP
03 Oct
Next event in
168 days
10 Oct
Race in
179 days
R
United States GP
24 Oct
Race in
193 days
31 Oct
Race in
200 days
R
Australian GP
21 Nov
Race in
221 days
R
Abu Dhabi GP
12 Dec
Race in
242 days

Carey: No concerns F1 teams overspend ahead of cost cap

Formula 1 CEO Chase Carey has dismissed concerns that teams can circumvent F1's incoming cost cap, as 2021's rules will be ratified this week.

Carey: No concerns F1 teams overspend ahead of cost cap

Ahead of Thursday's FIA World Motor Sport Council vote, where the draft technical, sporting and financial F1 regulations have been put forward for approval, Carey discussed the ramifications of the new cost cap agreement.

It will be the first time that financial regulations will be imposed on the teams, based around a $175m cost cap that was agreed and frozen earlier this year.

Carey stressed the importance of the introduction of the cost cap, and dismissed concerns that the big teams can spend heavily throughout 2020 to reap the rewards in 2021.

"There's been noise around it, but realistically these teams are rebuilding the car every year no matter what," said Carey.

"This is a transition, and we feel it's important to move forward with the transition.

"Some of the arguments that were put were arguments to try to defer the implementation as opposed to issues about what are the consequences of the transition.

"What are really doing is transitioning to a long-term structure that's healthier for the business, healthier for the sport on the track, healthier for the teams in it.

"The transition through to that next year, they're going to do what they do every year when they go in and rebuild the car."

Read Also:

Independent groups will be responsible for auditing each team throughout the year, and Carey added that Formula 1 and the FIA have "gone through a very extensive process to try and establish the principles for determining the costs, what's in it, what's covered.

"We'll have independent parties so it needs to be independently verified."

While the cost cap will not be introduced for next season, each team's spending will be monitored in anticipation for 2021.

Carey suggested that the cost cap's "dry run" will iron out any bugs in the following seasons.

"What we're going to do is use 2020 as a sort of a dry run, to hopefully shake out whatever the issues are, so teams can understand how things are accounted for.

'We'll put the rules into practice, it'll be independently run there will be procedures for appeals."

Carey would not be drawn on what the penalties for a cost cap transgression would be, although Renault boss Cyril Abiteboul noted in Mexico that the constructors' championship would be "revisited" if a team does overspend.

"Clearly to make this effective it needs to have consequences and penalties for it," Carey explained. "Those penalties are not pre-defined, but they will be significant."

shares
comments
Masi defends stewards' delays on F1 driving offences

Previous article

Masi defends stewards' delays on F1 driving offences

Next article

Marko: Mexico deadline for 2020 F1 line-up "a mistake"

Marko: Mexico deadline for 2020 F1 line-up "a mistake"
Load comments

About this article

Series Formula 1
Author Adam Cooper
The themes to watch in F1's Imola return Prime

The themes to watch in F1's Imola return

Three weeks is a long time in Formula 1, but in the reshaped start to the 2021 season the teams head to Imola to pick things up after the frenetic Bahrain opener. Here's what to look out for and the developments to follow at the Emilia Romagna Grand Prix

The 'new' F1 drivers who need to improve at Imola Prime

The 'new' F1 drivers who need to improve at Imola

After a pandemic-hit winter of seat-swapping, F1 kicked off its season with several new faces in town, other drivers adapting to new environments, and one making a much-anticipated comeback. Ben Anderson looks at who made the most of their opportunity and who needs to try harder…

Formula 1
Apr 12, 2021
The delay that quashed Aston Martin’s last F1 venture Prime

The delay that quashed Aston Martin’s last F1 venture

Aston Martin’s only previous foray into Formula 1 in the late 1950s was a short-lived and unsuccessful affair. But it could have been so different, says Nigel Roebuck.

Formula 1
Apr 10, 2021
Verstappen exclusive: Why lack of titles won't hurt Red Bull's ace Prime

Verstappen exclusive: Why lack of titles won't hurt Red Bull's ace

Max Verstappen’s star quality in Formula 1 is clear. Now equipped with a Red Bull car that is, right now, the world title favourite and the experience to support his talent, could 2021 be the Dutchman’s year to topple the dominant force of Lewis Hamilton and Mercedes?

Formula 1
Apr 9, 2021
Is Formula 1 as good as it has ever been now? Prime

Is Formula 1 as good as it has ever been now?

For many, many years Formula 1 has strived to do and to be better on all fronts. With close competition, a growing fanbase, a stable political landscape and rules in place to encourage sustainability, 2021 is on course to provide an unexpected peak

Formula 1
Apr 8, 2021
How Williams’ new structure adheres to a growing F1 trend Prime

How Williams’ new structure adheres to a growing F1 trend

Williams held out against the tide for many years but, as MARK GALLAGHER explains, the age of the owner-manager is long gone

Formula 1
Apr 6, 2021
When a journeyman driver's F1 career lasted just 800m Prime

When a journeyman driver's F1 career lasted just 800m

Nikita Mazepin’s Formula 1 debut at the Bahrain Grand Prix lasted mere corners before he wiped himself out in a shunt, but his financial backing affords him a full season. Back in 1993 though, Marco Apicella was an F1 driver for just 800m before a first corner fracas ended his career. Here’s the story of his very short time at motorsport’s pinnacle.

Formula 1
Apr 4, 2021
How Raikkonen's rapid rise stalled his teammate's F1 career climb Prime

How Raikkonen's rapid rise stalled his teammate's F1 career climb

Kimi Raikkonen's emergence as a Formula 1 star in his rookie campaign remains one of the legendary storylines from 2001, but his exploits had an unwanted impact on his Sauber teammate's own prospects. Twenty years on from his first F1 podium at the Brazilian GP, here's how Nick Heidfeld's career was chilled by the Iceman.

Formula 1
Apr 3, 2021