March completed a take-over of Leyton House Racing. Modena designed a car for 1992, but ceased operations due to financial challenges. Ligier signed a three-year full-works engine deal with Renault, receiving the same engine specifications as Williams. Lamborghini moved on to supply Minardi and Larrousse, who collaborated with Venturi Automobiles. Judd supplied Team Lotus and BMS Scuderia Italia in 1991, but moved on to Brabham and Andrea Moda in 1992, while Lotus were supplied by Ford and BMS received a 1991-spec Ferrari engine. Brabham’s former supplier, Yamaha, moved to Jordan. Tyrrell moved to engine supplier Ilmor after Mugen Motorsports began supplying Footwork. The United States Grand Prix was originally scheduled for 15 March at the Phoenix street circuit, which was to be the second round as a result of the return of South Africa but was cancelled due to the inability to install more seats in order to attract spectators.
Brabham went into administration 11 races into the 1992 season. Andrea Moda was expelled from the championship after 12 races, on the regulatory grounds of “[failure to operate a] team in a manner compatible with the standards of the championship or in any way brings the championship into disrepute.” The Fondmetal team ran out of money after 13 races.
After Alain Prost was released from his contract with Ferrari, the team attracted Ivan Capelli. Three-time world champion Nelson Piquet retired and Benetton attracted Martin Brundle, coming from Brabham. Brabham signed Eric van de Poele and Giovanna Amati, the first female F1 driver since Desiré Wilson in 1980. Stefano Modena and Andrea de Cesaris switched employers, Modena going to Jordan and De Cesaris to Tyrrell. Jordan also signed Maurício Gugelmin from Leyton House, while Tyrrell replaced the retired Satoru Nakajima with Olivier Grouillard. Pierluigi Martini moved from Minardi to Scuderia Italia, replacing Emanuele Pirro, making place at Minardi for debutant Christian Fittipaldi. Aguri Suzuki moved from Larrousse to Footwork, freeing a seat for newcomer Ukyo Katayama. Alex Caffi moved to Andrea Moda, alongside Enrico Bertaggia.
After three races, Giovanna Amati was replaced by Williams test driver Damon Hill, while still competing in the F3000. Before the Hungarian Grand Prix, Andrea Chiesa was replaced at Fondmetal by Eric van de Poele, coming from the defunct Brabham team, but Fondmetal folded just three races later. At March, Emanuele Naspetti left the F3000 championship while leading, to replace Paul Belmondo, and Jan Lammers made a surprise comeback when he replaced Karl Wendlinger for the final two races of the season, setting a record by returning a full ten years after his initial final race. Christian Fittipaldi was replaced at Minardi by Alessandro Zanardi when he crashed during qualifying of the French Grand Prix, returning after three races. Ivan Capelli was dropped by Ferrari after the Portuguese Grand Prix, and the team promoted their test driver and ITCC champion Nicola Larini to a race seat. Andrea Moda separated with both drivers after just two races, hiring Roberto Moreno and Perry McCarthy.
The season started in South Africa, where Nigel Mansell won ahead of Patrese, Senna, Schumacher, Berger and Herbert. In Mexico, Mansell won again, followed by Patrese and Schumacher. The Brazilian Grand Prix saw Mansell win, with Patrese second and Schumacher third. Mansell continued his winning streak in Spain, ahead of Schumacher and Alesi. He won again in San Marino, with Patrese second and Senna third. In Monaco, Senna won, with Mansell second and Patrese third. Canada saw Berger win after Mansell’s retirement and Senna’s late mechanical failure, with Schumacher finishing third. France saw Mansell win, with Patrese second and Brundle third. At Silverstone), Mansell won again, with Patrese second and Brundle third. In Germany, Mansell won, with Senna second and Schumacher third. Mansell secured the championship at the Hungarian Grand Prix, with Senna winning and Berger finishing second. Schumacher took his maiden win in Belgium, with Mansell second and Patrese third. The penultimate race in Italy saw Patrese win, before Senna and Mansell both retired in Australia, with Berger taking the final win of the season.
At the end of the season, Mansell was named world champion with 108 points. Patrese finished second with 56 points, followed by Schumacher with 53, Senna with 50, Berger with 49, Brundle with 38, Alesi with 18 and Häkkinen with 11. Williams won the Constructors' Championship with 164 points, followed by McLaren with 99 and Benetton with 91.
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