October 28, (THEWILL) – Due to Red Bull’s violation of the budget cap, the Formula 1 unit has been fined £6.07 million and will have 10% less wind tunnel time during the 2023 Formula 1 season.
According to the Fédération Internationale de l’Automobile (FIA), Red Bull exceeded the budget cap by £1.86 million (or 1.6%) last year. The FIA admitted that if a tax credit had been applied correctly, it would have been £432,652, or 0.37 percent instead.
A statement from the FIA read in part: “There is no accusation or evidence that RBR has sought at any time to act in bad faith, dishonestly or in a fraudulent manner, nor has it wilfully concealed any information from the Cost Cap Administration.”
As THEWILL previously reported, the FIA discovered that Red Bull had a “minor” breach of the required F1 budget cap in the 2021 season and was considering appropriate sanctions to impose on the team.
A “minor” overspend means that Red Bull spent less than 5% more than the cap. Teams Red Bull and Aston Martin were both found to have filled out forms incorrectly, which is considered a procedural violation. But, the other nine teams met the $145 million expenditure ceiling in 2021, according to the FIA.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
