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Ferrari recently admitted that it is unlikely to be able to abide by F1’s current budget cap limit. The Scuderia's team principal Mattia Binotto claimed that inflation and the steep rise in freight costs will make it impossible for the teams to compete under the $140 million budget limit that has been set for the 2022 season.
At the Monaco Grand Prix team press conference, the Italian said:
“It has to remain a sporting and technical challenge. The budget cap, or the financial regulation, is certainly a very green regulation. It’s only the second year and it will take many years to fine-tune it. And I think, again, because of that low maturity of the financial regulations, where maybe there will be even no fairness or equity through the teams in the way we are interpreting it I think it, I think it will be completely wrong that a budget cap is dictating the challenge on track. So, I think the only thing we can do, as F1, sense of responsibility to give a bit of breathe, increase the budget cap for inflation, which is something as I said, which we never foresee.”
He added, saying:
“And I think that will be the right thing to avoid even maybe discussions at the end of the year and the championship, or maybe the team winning the championship was simply the one spending the most. And that will be wrong.”
Meanwhile, Ferrari is second in the Constructors' Standings, behind Red Bull.
Ferrari boss predicts that "many teams" will breach the budget cap set for the 2022 season
Ferrari and Red Bull are undoubtedly the top two contenders for the 2022 season, but their respective team bosses believe that the budget cap will equally impact the smaller midfield teams instead of just those competing at the top.
As reported by Autosport, Binotto said:
“It’s already summertime, and the benefit is not sufficient to cope with the excessive prices and cost. So what will be the implications? What will be the most important is many teams will breach it and I think that will be simply bad for the financial regulations. If we are breaching the financial regulations, then I think we will start debating if the financial regulations are working, and it will put everything back in discussion.”
Red Bull team boss Christian Horner has been equally vocal about the budget cap issue. The Briton even predicted that as many as seven teams might have to miss out on the last few races due to having no more budget to spend.
