F1 Commission announces various changes, financial regulation changes included

The Formula One Commission met in Spielberg, ahead of the Austrian Grand Prix, and announced a host of changes, including those to the Financial Regulations. The meeting was attended by Formula One head Stefano Domenicali, FIA President Mohammed Ben Sulayem, Formula One motorsport head Ross Brawn and all the ten team principals. 

Matters which discussed at the meeting were:

Financial regulations:

The impact of the increasing inflation rates since the end of 2021 has been negative on Formula One and its teams. After consultation with the Financial Advisory Committee, the FIA and Formula One have decided to bring in a proposal which recognises the increase of costs borne by the team and permits “indexation at a limited rate of 3.1% (which takes into account the original 3% inflation threshold already set out in the regulations) and permitted compounding of this rate as from 2023”.

This was approved by the majority, including the FIA, Formula One and nine of the ten teams.

Pre-season testing in 2023:

The Commission updated the regulations which will allow pre-season testing to be held outside Europe, four days ahead of the first event of the Championship.

Technical updates:

The Commission also discussed the Technical Directive draft which speaks about the safety concerns of porpoising. After speaking with the teams and gaining valuable feedback, the Commission has decided that the Technical Directive draft, which was issued to the teams before the British Grand Prix, will come in effect from the Belgian Grand Prix. 

Additional discussions were also made about the 2026 Power Unit and the fact that it was close to its finalisation and also regarding the updated weekend schedule and how it helps the teams and their personnel to function in a more flexible manner. 

Mohammed Ben Sulayem, FIA President, commented:

“We are now in the middle of an historic year for Formula 1, with the introduction of completely new regulations which we have seen so far to have been a great success, most clearly shown at Silverstone where many cars were battling for top positions right up until the end of the race. We will continue to develop these regulations in this positive direction, and we will also keep on raising the bar with regard to safety.”