11/10/2022
NEWS STORY
The FIA has confirmed that Red Bull did breach the 2021 $145m budget cap, however the sport's governing body has described the breach as 'minor'.
In keeping with the professionalism we have come to expect from Formula One's governing body, at precisely the time the report was due to be issued the FIA website crashed.
The exact details of Red Bull's overspend isn't known, but the FIA says it was minor, which means less than 5%, with some claiming the exact amount was around $2m.
According to today’s report, the FIA Cost Cap Administration has issued certificates of compliance to seven of the ten Competitors:
Aston Martin Aramco Cognizant Formula One Team is considered to be in Procedural Breach of the Financial Regulations
Oracle Red Bull Racing is considered to be in Procedural and Minor Overspend Breaches of the Financial Regulations
Williams Racing has complied with the Financial Regulations in respect of the 2021 Reporting Period with the exception of a previous Procedural Breach in regard to which the Cost Cap Administration entered into an ABA with Williams in May 2022. This Procedural Breach was then remediated by Williams in a timely, cooperative and transparent manner.
Aston Martin's "procedural breach" is understood to refer to incorrect form filling.
"The review of the reporting documentation submitted has been an intensive and thorough process," reads today's statement, "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.
"The FIA Cost Cap Administration notes that all competitors acted at all times in a spirit of good faith and cooperation throughout the process.
"The FIA would also note that with respect to this first year of the application of the financial regulations the intervention of the FIA Cost Cap Administration has been limited to reviewing the submissions made by the competitors and that no full formal investigations were launched.
"The FIA Cost Cap Administration is currently determining the appropriate course of action to be taken under the financial regulations with respect to Aston Martin and Red Bull and further information will be communicated in compliance with the regulations."
Other than not detailing the exact details of Red Bull's transgression, the FIA has yet to confirm what action will be taken.
Certainly, today's statement does not reveal anything like the sort of overspend that Mercedes and Ferrari were claiming, however, it does fly in the face of Christian Horner's insistence that the team had not breached the cap.
Nonetheless, other than being told what action will be taken for the breach, it will be interesting to know exactly how much Red Bull overspent by and why, and finally where exactly did Mercedes regarding the breach information come from?