Writer’s Strike End a Boon for Sports Networks, Agencies
Formula 1’s new budget cap is interacting with the world economy in unexpected ways, and some are calling for change.
Oracle Red Bull team principal Christian Horner said that due to inflation, seven teams would have to miss the last four races to stay within the $140 million cap.
- The FIA introduced a $145 million spending cap last year, which reduced to $140 million this year.
- The cap will be $135 million next year.
- Liberty Media CEO Greg Maffei has credited the budget cap with leveling the F1 playing field, particularly by containing Mercedes’ spending.
“Freight has quadrupled, and that’s not something we can control,” said Horner.
While Horner’s sentiment was shared by the other leading teams in the 2022 Constructor’s Cup — Ferrari, Mercedes, and McLaren — other teams dissented.
Alfa Romeo, Alpine, Haas, and Williams all voted against an inflationary adjustment at FIA meetings last month.
Alpine team principal Otmar Szafnauer suggested that the issue is more that larger teams are unwilling to adjust their budgets, as opposed to small-to-mid-sized teams missing races.
New York, New York?
New York City mayor Eric Adams offered F1 a potential race site on Randalls and Wards Islands, situated between Manhattan, Queens, and the Bronx.
Maffei downplayed the possibility of a fourth U.S.-based race.
Prior to the announcement that Las Vegas would be added to the 2023 calendar, F1’s director of media rights floated a race in the Big Apple, telling Front Office Sports, “Who wouldn’t want to race in New York?”
