Formula 1 Chief Technical Officer Pat Symonds has heaped praise upon the series’ cost-cap regulation, saying it’s “fundamental” to the sport’s long-term future.
The cost-cap regulation was introduced ahead of the 2021 season, stipulating that teams could only spend $145 million across the year.
This fell to $140 million in 2022 and $135 million in 2023 with adjustments being made going forward to account for inflation and the growth of the calendar beyond 21 races.
Symonds credits the cost cap with helping boost teams’ financial footing in the sport.
“We talk a lot about the 2022 car and how it’s improved racing and all the things we did, but the budget cap doesn’t really get the medals it deserves because the budget cap is fundamental to the future of Formula 1,” he said on F1’s Beyond the Grid podcast.
“My last team was Williams, where we were existing on a shoestring.
“And in fact, not long after I left Williams, it didn’t exist on a shoestring. They had to sell and they weren’t alone. Teams were really struggling to survive.
“Over the course of seven years, we’ve turned these teams into all being worth half a billion dollars and that’s pretty impressive. And a large part of that is because of the budget cap.”
Symonds also went on to credit the cost cap for encouraging engine manufacturers to join the sport for the 2026 season.
New power unit regulations come into play in 2026, with the introduction of sustainable fuels, increased electrification and the removal of the complex MGU-H system.
Six engine manufacturers signed up to the forthcoming regulations, including Ferrari, Mercedes and Renault.
The fledgling Red Bull Powertrains division has attracted Ford as a power unit partner and Audi is set to make its F1 bow in 2026 with a brand-new power unit as part of its Sauber takeover.
Honda rounds out the six engine manufacturers as it is set to return to F1 in a proper capacity in a works deal with Aston Martin starting in two years’ time.
“It’s technology at a sensible cost,” Symonds said.
“Now, when you talk about the manufacturers, they’re saying ‘yeah, actually now this is interesting technology and it’s not at a ridiculous price’.
“We’re not having to put hundreds and hundreds of millions of dollars into it, but we can exploit the areas that are of interest to us.”
