The budget cap for Formula 1 teams will increase
On the occasion of the Formula 1 Commission meeting this Tuesday, February 21st, an increase in the budget cap has been agreed upon.

As the teams gradually arrive in Bahrain for the pre-season tests starting tomorrow, the FIA announced several regulation changes for the upcoming season.
Among these, a reassessment of the budget envelope has been confirmed. Due to the addition of races to the calendar, it has been agreed that for each Grand Prix after the 21st event, the cost cap per race would increase from 1.2 million dollars to 1.8 million dollars. This new rule also takes into account the fact that the new circuits added to the calendar are not located in Europe and therefore require expensive means of transportation.
The F1 Commission has also approved changes to the wording of certain parts of the financial regulations in order to create a more effective verification process.
Indeed, Stefano Domenicali, President of F1, and Frédéric Vasseur, team principal of Scuderia Ferrari, had complained about a lengthy examination process. As a reminder, Red Bull is the only team to have been penalized both financially and competitively for exceeding the budget during the 2021 season, while several teams have cited cost caps as one of the reasons for the lack of development towards the end of 2022.
The budget for 2023 is estimated to be around 153.8 million euros, but should increase by 1.2 million euros to account for the modifications made by this commission, resulting in a total amount of approximately 155 million euros.
The last budget increase had been linked to a revaluation of the cost of sprint races, and especially the failure to take into account potential damages during these sprint races.