F1 | FIA confirm “Minor overspend” from Red Bull following review of 2021 submissions
The FIA have today completed and published their review of the 2021 financial regulation submissions, confirming a minor overspend and procedural breach from Red Bull as well as a procedural breach from Aston Martin
The FIA today announced, following the conclusion of their review of each team's financial submissions, that seven of the ten Formula 1 teams have been issued certificates of compliance for the financial regulations of the 2021 season. The FIA's statement also confirmed that 9 teams were below the cost cap for 2021.
In a statement regarding the review of each team’s submissions as well as the awarding of certificates, the FIA broke down the reasoning behind Red Bull, Aston Martin and Williams not receiving certificates of compliance.
“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; and
“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 [Accepted Breach Agreement] with Williams in May 2022. This Procedural Breach was then remediated by Williams in a timely, cooperative and transparent manner.”
Further information is not yet available, with the FIA later in their statement revealing that a full investigation has not been conducted, due to this being the first year of enforcement of the financial regulations. The statement continues to add that the FIA Cost Cap Administration is working to determine what course of action to take in regards to both Aston Martin and Red Bull.
“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.
“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.”
The statement from the FIA also broke down the options for penalties available to the Cost Cap Administration. Penalties for breaches, both procedural and minor overspend, of the financial regulations can include both financial penalties and sporting penalties while an overspend of greater than 5% of the cost cap will receive a mandatory reduction of Constructors’ Championship points. In the case of a "Matierial Overspend Breach", being one of over 5%, additional financial and sporting penalties are also enforceable.
Following the publication of the FIA’s statement, Red Bull released a statement via social media acknowledging the FIA’s findings, but noting they were met with surprise. The team confirms they are of the belief that their spending, as reflected in their submission, remained below the cost cap for 2021.
— Oracle Red Bull Racing (@redbullracing) October 10, 2022
Red Bull confirms they will follow the FIA’s procedures while considering their options moving forward.
