McLaren have become the latest team to confirm they will exceed the Formula 1 budget cap in 2022.
Team principal Andreas Seidl said today that rising costs beyond the team’s control for freight and energy will prevent them from staying within the maximum spending limit of 141.2 million dollars.
Several teams have warned that the sharp rise in inflation since the start of the year will make it difficult for them to meet the spending limit. Ferrari team principal Mattia Binotto told Monaco there was no “no way” to respect the limit.
Seidl confirms today that McLaren was in the same position.
“For us, as a team that was planning to run to the cap at the start of the year, with all these unexpected costs that have arisen, we’re in a position where we can’t hit the cap anymore. You have certain fixed costs to start the season, you have fixed costs with your resources that you have in place, staff, etc., that you can no longer adjust.”
“With this huge unexpected increase in costs, mainly on the freight side and utility and energy bills, we are in the same position as some other teams, so we cannot hit the cap this year.”
Seidl “remains hopeful” that a solution will be found
F1 had previously announced that it would not replace the canceled Russian Grand Prix, reducing the number of rounds teams would have to attend, thus reducing their travel costs. The teams are in discussions with F1 and the FIA on other ways to ease the financial pressures they face in 2022.
“I remain hopeful with all the conversations going on at the moment, with the other teams with the FIA and Formula 1, that we still find a solution that is in the best interest of the sport in the future.”
“McLaren remains committed to the idea of the cap. I am absolutely happy that we have this cost cap. It was a necessity for the sport in general, for Formula 1, but also for us as a team in order to to be able to participate in F1 in a financially sustainable way, but also in a position where we can then also be really competitive in sporting terms.
“It’s just a new dimension, a parameter that you have to take into account in your journey, how you end a year in Formula 1. And it is clear, especially in the current circumstances, that the development of the car is strongly influenced by capping costs at the moment because of all these unforeseen costs that have come up recently. But in the end, it’s the same challenge for everyone, so I don’t have any concerns about that.”
Some teams are unwilling to agree to changes to help their rivals meet the cost cap. Nevertheless, Seidl remains hopeful that a compromise can be found.
“Due to the opportunistic opinions of every team in this paddock, which is an integral part of the competition, I still hope and am very confident that with strong leadership from the FIA we will find a good solution. “
“I don’t want to go into too much detail about the discussions we are having at the moment with the other teams and the FIA. The most important thing is in the interest of the sport to find a solution defined for everyone because I think it is It’s also crucial to make sure the cost cap principles aren’t watered down or anything.”