Red Bull disappointed and surprised with FIA financial findings
10th October 2022Red Bull Racing have stated they note the FIA’s financial regulation findings ‘with surprise and disappointment’ as they are deemed to have breached the 2021 cost cap.
On Monday, the FIA have released their certificates of compliance to the 2021 financial regulations, of which Red Bull and Aston Martin have been found to breach the cost cap.
The leading constructor, in the 2022 constructors standings, was deemed to be within procedural breach and a minor financial overspend of the 2021 cost cap. However, Red Bull weren’t the only team to breach the regulation with Aston Martin and Williams joining suit with procedural breaches.
The Williams breach was in relation to missing the deadline to submit their accounts for the 2021 season, which they were reportedly fined $25,000.
In the statement, on Twitter, the Milton Keynes outfit stated:
“We note the findings by the FIA of ‘minor overspend breaches of the financial regulations’ with surprise and disappointment.
“Our 2021 Submission was below the cost cap limit, so we need to carefully review the FIA’s findings as our belief remains that the relevant costs are under the 2021 cost cap amount.
“Despite the conjecture and positioning of others, there is of course a process under the regulations with the FIA which we will respectfully while we consider all the options available to us.”
Out of the 10 teams, on the grid, Red Bull was the only team to breach the regs with an overspend meaning nine teams remained compliant.
After releasing the results, the FIA stated:
“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.
“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.
Following the results, Formula 1’s governing body is still looking into the best course of action to take with the first breaches of the new regulations. It remains to be seen if the consequences, of breaching the cost cap, will be made public or behind closed doors.
In the same statement, the FIA concluded:
“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.”
That’s it for the article; Red Bull disappointed and surprised with FIA financial findings! What do you think will be a suitable punishment for breaking the cost cap? Let us know in the comments!
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Hi, I’m Kamron. I created ApexMotorsports.co.uk in the dying embers of the 2021 Formula 1 world championship. It allowed me freedom to write whatever I wanted to write about which was all things motorsports, my passion.
I have put a lot of effort in over the years to keep this website in its best shape and I’ve loved seeing the brand grow consistently, month-on-month, year-on-year. My ambition is to keep watching this brand grow into a primary outlet of news for all things motorsports whilst fueling my desire to pursue a career in sports journalism, specialising in motorsports.
Kamron Kent
Hi, I'm Kamron. I created ApexMotorsports.co.uk in the dying embers of the 2021 Formula 1 world championship. It allowed me freedom to write whatever I wanted to write about which was all things motorsports, my passion. I have put a lot of effort in over the years to keep this website in its best shape and I've loved seeing the brand grow consistently, month-on-month, year-on-year. My ambition is to keep watching this brand grow into a primary outlet of news for all things motorsports whilst fueling my desire to pursue a career in sports journalism, specialising in motorsports.
