The FIA has completed the review of the 2023 F1 Financial Statements: two power unit manufacturers have been fined.

The FIA has completed the review of the Reporting Documentation regarding the 2023 F1 championship: Alpine Racing SAS and Honda Racing Corporation have been fined.

At the start of the F1 weekend in Azerbaijan, the FIA announced that it has completed the review of the Reporting Documentation related to the expenses incurred by the Teams during the 2023 Formula 1 Championship and by the Power Unit (PU) manufacturers. The analysis revealed that all teams were found to be compliant for 2023, while procedural violations were identified for two PU manufacturers.

The Financial Regulations for F1 teams were introduced in the Formula 1 Championship starting from the 2021 season, while last year, regulations were also introduced for PU manufacturers to regulate the development and supply costs of the new generation of power units that will be introduced in 2026.

Alpine Racing SAS and Honda Racing Corporation, in fact, did not exceed the Cost Cap but were rather in error due to procedural issues and will be fined. According to the FIA, the two PU manufacturers “have always acted in good faith and are currently working with the CCA to finalize the matter.”

“Considering the nature of the violation, the complexities of the new financial regulations for PU manufacturers, and the challenges associated with their first year of implementation, the CCA intends to propose that these two PU manufacturers resolve their respective violations through an Accepted Breach Agreement (ABA),” the FIA statement continues, specifying that the two parties involved will enter into a legal agreement to consensually resolve the matter through an ABA.

The previous case with Williams: fined for submitting documentation late.

In the history of the FIA’s Financial Documentation analysis, introduced for the first time during the 2021 season, Williams was the first to encounter administrative errors. The Grove-based team failed to provide the FIA with documentation on its 2021 expenses by the March 31 deadline. In that case, the team assisted the FIA in clarifying the situation and was required to pay a $25,000 fine.

That same year, two other teams were also fined by the FIA: Aston Martin for procedural errors (similar to Williams), and Red Bull for exceeding the spending limit by $432,000. As a result, the Milton Keynes-based team was penalized with a reduction in development time and required to pay a fine.

Photo: Formula 1