Mattia Binotto believes FIA financial regulation team will double in size

Sam Cooper
Ferrari principal Mattia Binotto walks through the paddock. Australia, April 2022.

Mattia Binotto has predicted the team behind the FIA’s financial control will more than double in the coming years.

The introduction of a budget cap has been a controversial and much discussed topic in this season of Formula 1. The current limit set for the teams in 2022 is $140m, plus a small increase for the rising rate of inflation, however some have argued it needs to be raised.

Red Bull’s Christian Horner has been among the most vocal on that front, saying the unforeseen COVID pandemic as well as the rising cost of living means we could end the season with teams not being able to compete.

Ferrari boss Binotto has weighed in on the issue and previously said some teams are already nearing the limit. The 52-year-old has now said he expects the team in charge of policing this to rapidly grow in the next years, bringing it into line with the size of teams in other departments.

 

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“The budget cap has to be supervised and monitored,” he told the Italian edition of Motorsport.com. “I fully trust the FIA, but the financial regulation is completely new.

“If we look at the technical regulations or the sporting regulations, they have been in place for many years but there are still areas that need to be monitored. The financial regulation is completely new, both for the teams and for the FIA, and it will take time to get to know it, interpret it, clarify it, monitor it.

“If I look at what is the FIA’s control team on this front at the moment, it is made up of four or five people, compared to the 10 who are dedicated to the technical front. I think in a few years we will see 10 people dedicated to financial monitoring as well, but in the meantime there is a big question mark so we know we have to deal with that.

“I think it is part of the FIA’s job and the teams’ duty to try to speed up proper monitoring as much as possible, but we all have to be aware there is a big question mark right now.”

Binotto expanded further on his hopes for future seasons and reiterated his desire not to see any FIA regulation changes introduced at this stage of the season – an issue which is threatening to split the paddock.

“I hope there won’t be any changes,” Binotto said. “I don’t see any real reasons to make changes to the technical regulations for safety reasons, especially if we look at the latest races.

“In addition, if the aerodynamic regulations were to change for 2023 it would be a considerable problem considering the time of year we are in. There would be very little time to change the concept of the new car.

“And, I repeat, there are no reasons to introduce changes to the technical regulation by citing safety reasons. So I think it can’t happen and if it does, we’ll try to figure out how to stop them.”