FIA completes review under the 2022-2023 FIA Formula E Financial Regulations

Jaguar Racing Ltd and Nissan Formula E Team signed an Accepted Breach Agreement following procedural and minor overspend breaches

The FIA confirms that its Cost Cap Administration has now completed the review of the Reporting Documentation for the 2022-2023 ABB FIA Formula E World Championship as provided for by the FIA Formula E Financial Regulations.

These new Financial Regulations are a very complex set of rules that competitors were required to adapt to for the first time. The review of the Reporting Documentation submitted has been an intensive and thorough process, and all Competitors gave their full support in providing the required information to assess their financial situation during this first year of the Financial Regulations.

Jaguar Racing Ltd and Nissan Formula E Team were found to be in procedural and minor overspend breaches, respectively of 0.6 % and 2.0 % of the Cost Cap, however, the Cost Cap Administration recognised that they have acted cooperatively throughout the review process and have sought to provide additional information and evidence when requested in a timely manner, that this is the first year of the full application of the Financial Regulations and that there is no accusation or evidence of aggravating factors or that they have sought at any time to act in bad faith, dishonestly or in fraudulent manner, and nor has it wilfully concealed any information from the Cost Cap Administration. 

In these circumstances, the Cost Cap Administration offered to Jaguar Racing Ltd and Nissan Formula E Team an ABA to resolve this matter. That offer was accepted by both Competitors.

An Accepted Breach Agreement (“ABA”) dated 15 October 2024 was therefore entered into by and between the Cost Cap Administration and Jaguar Racing Ltd pursuant to Article 8.19 of the FE Team Financial Regulations (“Financial Regulations”). A link to a summary of the terms of the ABA as provided for by Article 8.23 of the Financial Regulations is below.

An Accepted Breach Agreement (“ABA”) dated 15 October 2024 was therefore entered into by and between the Cost Cap Administration and Nissan Formula E Team pursuant to Article 8.19 of the FE Team Financial Regulations (“Financial Regulations”). A link to a summary of the terms of the ABA as provided for by Article 8.23 of the Financial Regulations is below.