Max Verstappen commits future to Red Bull signing £200m deal
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Red Bull supremo Christian Horner has doubled down on his efforts to see the FIA raise Formula 1’s spending cap. In fact, he believes there are as many as seven teams who will miss the end of the 2022 season unless the current budget limit is lifted.
Horner, 48, has previously spoken about the need to address the budget issue, with increases to freight and hauling charges reportedly causing costs to spiral. However, certain smaller F1 teams already spend well under the $140million (£111m) cap, meaning the likes of Red Bull and Lewis Hamilton’s Mercedes outfit could cement their dominance.
However, it’s Horner’s assertion that the latter half of the 2022 campaign will expose the fragile nature of the current framework. He told reporters of the harsh truth that awaits some teams following Max Verstappen’s third successive race win at the Spanish Grand Prix on Sunday.
“We need the FIA to address the inflationary issue because basically probably about seven of the teams will need to miss the last four races to come within the cap this year from the consensus there has been up and down the paddock,” said Horner.
“It’s not just about the big teams now. It’s the teams in the middle of the field that are really struggling with the inflationary rate that we’re seeing could even get worse in the second half of the year.”
The F1 budget was due to be introduced in 2021 at $175m (£139m), but that figure was reduced by $30m (£23m) in response to the Covid pandemic. Russia’s ongoing invasion of Ukraine has also impacted the cost of oil and displaced other economic factors this year.
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“For the second six months of the year, the FIA need to address the issue,” added Horner. “Things like energy bills, just the cost of living, the costs are going up exponentially and Formula 1 is not exempt from that. We see that freight has quadrupled and that is not something we can control.”
Ferrari, Mercedes and McLaren are each believed to back a cap increase, while some rivals are okay with a rise in line with inflation, and others want the limit kept where it is. Red Bull are on course to win their first constructors’ championship since 2013, while Verstappen has his nose in front as he looks to seal back-to-back drivers’ titles.
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