F1, budget cap Red Bull and Aston Martin: the FIA’s verdict
The FIA released on its website the official statement on the budget cap case
On Monday, October 10, the FIA’s decision on the budget cap issue was expected. An answer came but not yet comprehensive: procedural violation of the financial regulations for Aston Martin and minor violation for Red Bull, but without yet knowing the penalties imposed against the two teams.
This is the full statement from the FIA:
“The FIA confirms that its Cost Cap Administration has now completed its review of the Reporting Documentation submitted by each Competitor that participated in the 2021 FIA Formula One World Championship in relation to the 2021 Reporting Period ending December 31, 2021. 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 violation of the financial regulations;
Oracle Red Bull Racing is considered in minor and procedural and overspending violation of the financial regulations;
Williams Racing complied with the financial regulations in relation to the 2021 reporting period with the exception of a previous procedural violation (on which the cost limit administration stipulated in May 2022. This procedural violation was later remedied by Williams in a timely, cooperative and transparent manner.
The review of the submitted Reporting Documents,” the FIA continues, “was an intensive and comprehensive process, and all Competitors were fully supportive in providing the information necessary to assess their financial situation during this first year of the Financial Regulations. The FIA Cost Cap administration notes that all competitors have acted at all times in a spirit of good faith and cooperation throughout the process. The FIA also notes that with respect to this first year of the Financial Regulations, the FIA Cost Cap Administration’s intervention has been limited to reviewing the claims made by Competitors and that no full formal investigations have been undertaken. 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 accordance with the Regulations.”
