The potential of drivers’ incomes being limited below a broadening of Formula One’s financial regulations is being discussed, know about the F1 driver salary cap in 2022
Some of Formula One’s top team executives have disclosed the latest developments in efforts to ring-fence driver wages as part of a tightening of financial laws.
F1 implemented financial constraints ahead of the 2021 season, imposing a monetary limit on teams to control their spending.
Explained F1 Driver Salary Cap 2022, Proposal, Rules And Discussions
The budget cap for 2022 is set at $140 million, while several teams are calling for a rise owing to rising inflation and logistics expenses. However, driver salaries appear to be the next target, with the goal of bringing them under the financial regulations’ cap.
“That’s something we started talking about a month ago with all the teams, F1 and the FIA,” Ferrari boss Mattia Binotto said at the FIA media briefing in Monaco.
“So we’re talking about it. There is no simple solution, particularly for a driver’s salary cap. But, without a doubt, we’re talking about it and attempting to figure out how to solve it.”
The Discussion:
The challenge for F1 is ensuring that a pay ceiling does not allow other, uncapped, series to entice drivers away with bigger salaries, as well as the difficulties in imposing a cap when lots of room contracts between drivers and teams already exist.
“It will not happen in the near future,” Binotto added.
Red Bull CEO Christian Horner concurred with Binotto that a cap would be appreciated by the teams, but that it would be difficult to implement.
“The cap principle is well deserved,” he remarked. “I believe the application is difficult, as we are seeing and seeing right now.”
“The engine rules for 2026 are anything but inexpensive. And I believe this is what puts artificial pressure on financial regulation.”
Mercedes’ Andrew Shovlin and Alfa Romeo’s Frederic Vasseur both expressed support for the concept. While Aston Martin chief Otmar Szafnauer urged that the driver’s salary be included in the performance-related budget cap.