Feb.14 (GMM) Formula 1 must speed up the process of dealing with potential breaches of the annual budget cap, Stefano Domenicali has admitted.
Last year, the issue of Red Bull’s alleged minor overspend remained in limbo for weeks – ultimately culminating in a $7 million fine and 10 percent reduction in car development time.
But the delay between the rumours and the resolution of the saga cast a pall over the season and the outcome of the 2021 championship – with Christian Horner even threatening rival teams with legal action amid “fictitious claims” about the extent of the breach.
Amid current tension between the FIA and Liberty Media, the latter’s Formula 1 chief executive Domenicali insists the governing body must speed up the budget cap process in future.
“This is an important point,” he said. “Checks on whether the rules are being followed must be done sooner rather than later.
“We have to react as early as possible to maintain the credibility of the sport,” Domenicali insisted.
However, he admitted that checks on the financial regulations also takes “too long” in “other sports” as well.
“I think this is another point of attention, also because of what we discussed with the FIA,” Domenicali added.
“We must make sure the checking and certification is done much sooner because if some teams go over, it needs to be handled properly and in the shortest possible time in order to be more credible,” said the Italian.