FAA postpones cost cap compliance certificates to Monday

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FAA postpones cost cap compliance certificates to Monday

Red Bull Racing's Dutch driver Max Verstappen drives into the pit lane during the first practice session ahead of the Formula One Singapore Grand Prix night race at the Marina Bay Street Circuit in Singapore on September 30, 2022. LILIAN SUWANRUMPHA AFP Formula One's governing body said it had postponed the issuing of cost cap compliance certificates next Monday due to speculation that some teams overspent last year.

The teams' financial submissions were a long and complex process and have yet to finish, according to the FIA.

The certificates would be released on October 10, the day after what could be a title-deciding Japanese Grand Prix in Suzuka.

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There has been significant and unsubstantiated speculation and conjecture in relation to this matter, it added in a statement referring to alleged breaches of the financial regulations.

The FIA says that any suggestion that FIA personnel have disclosed sensitive information is equally baseless and that until it is finalised, no further information will be provided. Formula One introduced the budget cap last year, narrowing it from US $145 to US $140 million this year and US $135 million next season, to reduce runaway spending by the biggest teams and level the playing field.

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Last weekend at the Singapore Grand Prix, speculative swirled that some teams were in breach of the rules, with Red Bull boss Christian Horner threatening legal action after it was suggested that the championship leaders were one of them.

He told reporters that they didn't even know if we're in breach, we don't even know until next week until the process has been completed.

Red Bull is leading both world championships, with Max Verstappen set toclinch his second successive drivers' title.

Mercedes and Ferrari, Red Bull's main rivals, both said that any breach last year would bring carry-over benefits for this season and next.

It is a very important test for the cost cap. When asked about enforcing the rules, it's probably game over because the implications are huge, said Laurent Mekies, Ferrari racing director Laurent Mekies last weekend, when asked about enforcing the rules.

A breach of its magnitude can result in a wide range of penalties, from public reprimands and fines to a deduction of championship points and even exclusion from the championship.