Just another WordPress site
The FIA confirmed on Friday that Red Bull will pay a $7 million financial penalty for breaching F1’s…
The post FIA hits Red Bull with $7M fine for 2021 cost cap breach appeared first on F1i.com.
Following the submission of all required documentation by all ten Formula One Teams, the Cost Cap Administration carried out the first ever Review process under the FIA Formula One World Championship Financial Regulations. These new Financial Regulations are a very complex set of rules that competitors were required to adapt to for the first time.
Red Bull Racing was found to be in breach, however, the Cost Cap Administration recognised that Red Bull Racing has acted cooperatively throughout the review process and has sought to provide additional information and evidence when requested in a timely manner, that this is the first year of the full application of the Financial Regulations and that there is no accusation or evidence that RBR 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.
In these circumstances, the Cost Cap Administration offered to RBR an ABA to resolve this matter. That offer was accepted by RBR.
An Accepted Breach Agreement (“ABA”) dated 26 October 2022 was therefore entered into by and between the Cost Cap Administration and Red Bull Racing pursuant to Article 6.28 of the FIA Formula 1 Financial Regulations (“Financial Regulations”). A link to a summary of the terms of the ABA as provided for by Article 6.32 of the Financial Regulations is below.
FIA Formula One World Championship
Formula 1F1
SEASON 2022SportCircuit1SportFIA Formula One World ChampionshipCircuitF1SEASON 2022Formula 100Friday, October 28, 2022 – 3:34pmFriday, October 28, 2022 – 3:34pm
Following the submission of all required documentation by all ten Formula One Teams, the Cost Cap Administration carried out the first ever review process under the FIA Formula 1 Financial Regulations (“Financial Regulations”). These new Financial Regulations are a very complex set of rules that competitors were required to adapt to for the first time.
AMR GP Limited (“AMR”) was found to be in procedural breach of the Financial Regulations notwithstanding the fact that its Relevant Costs during the 2021 reporting period were under the Cost Cap. However, in the presence of specific circumstances, the Cost Cap Administration offered to AMR an Accepted Breach Agreement (“ABA”) to resolve this matter. That offer was accepted by AMR. The Cost Cap Administration recognised that AMR has acted cooperatively and in good faith throughout the review process and has sought to provide additional information and evidence when requested in a timely manner, that this is the first year of the full application of the Financial Regulations and that there is no accusation or evidence that AMR has sought or obtained any undue advantage as a result of the breach.
An ABA dated 25 October 2022 was therefore entered into by and between the Cost Cap Administration and AMR pursuant to Article 6.28 of the Financial Regulations. A link to a summary of the terms of the ABA as provided for by Article 6.32 of the Financial Regulations is below.
FIA Formula One World Championship
Formula 1F1
SEASON 2022SportCircuit1SportFIA Formula One World ChampionshipCircuitF1SEASON 2022Formula 100Friday, October 28, 2022 – 3:29pmFriday, October 28, 2022 – 3:29pm
Charles Leclerc is predicting that Red Bull will have the upper hand again come race day in Mexico…
The post Leclerc: Advantage Red Bull in Mexico, but ‘it will be close’ appeared first on F1i.com.
Sebastian Vettel will pay tribute this weekend in Mexico to his former boss, Dietrich Mateschitz, with a vintage…
The post Vettel honors Dietrich Mateschitz with vintage Red Bull lid appeared first on F1i.com.