Red Bull, Aston Martin fined for breaching F1 financial regulations
Red Bull and Aston Martin have been fined for breaching Formula One's cost cap in the 2021 season.
Aston Martin and Red Bull team bosses Mike Krack and Christian Horner. (Aston Martin/File, Getty Images/Red Bull Content Pool)
For the first time in the sport's history, a cost cap was imposed on the ten teams, required to submit accounts of their annual spending.
Both Red Bull and Aston Martin were found to have exceeded the limit of £118,036,000 ($213,764,782 AUD).
Ahead of the Mexico City Grand Prix, the FIA announced that both teams had entered into Accepted Breach Agreements (ABA).
Red Bull was found to have overspent the cost cap by £1,864,000 , considered to be a "minor" breach as it was less than 5% over the cost cap.
The team agreed to a fine of $7 million USD and a 10% reduction of development resources over the next 12 months.
Red Bull had incorrectly accounted for a number of items, including catering, employee costs, a gain on disposal of fixed assets, apprenticeships, power units, inventory costs, travel costs, and maintenance.
The breach was mitigated by the fact that Red Bull had also not correctly applied a tax credit, which would have reduced the overspend amount to£432,652, or 0.37% over the cap.
Despite staying under the cost cap, Aston Martin was found to have committed a procedural breach and fined $450,000 USD.
The team had incorrectly accounted for costs relating to their new headquarters and a new simulator, wind tunnel fees, signing bonuses, inventory costs, service desk costs, catering, furniture, sponsorship costs, and outsourcing.
Williams were fined $25,000 USD earlier this year for missing the deadline to submit their annual spending.
The FIA noted for both teams that there is "no accusation or evidence that [either team] has sought at any time to act in bad faith, dishonestly or in fraudulent manner, nor has it wilfully concealed any information from the Cost Cap Administration."
