Red Bull fined $7million and hit with further punishment for breaching F1 budget cap regulations

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Red Bull have been fined $7million (£6.1) and have been hit with a 10 per cent reduction in permitted aerodynamic research for breaking Formula One budget cap regulations.

Motorsport's world governing body the FIA revealed that Red Bull were guilty of spending €2.2m (£1.9m) more than they were permitted to last season, which ended dramatically when Max Verstappen won his first world title.

The FIA on Friday confirmed the sanctions imposed on the constructors’ champions after the Red Bull Racing accepted breaking the rules.

It was taken into account by the FIA that Red Bull Racing had "acted cooperatively throughout" what was the first review process under F1 financial regulations.

Along with being slapped with a significant fine, Red Bull have also had the amount of time they can spend using their wind tunnel or computational fluid dynamics cut by 10 per cent for a one-year period.

An FIA statement said: "Following the submission of all required documentation by all 10 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")."

McLaren chief executive Zak Brown last week stated that breaches of the budget cap amounted to "cheating", a claim which Red Bull principal Christian Horner labelled "fictitious".

Mercedes driver Lewis Hamilton, who was denied a record-breaking eighth world title when Verstappen claimed a dramatic and controversial win at the season-ending race in Abu Dhabi, warned a "slap on the wrist" for Red Bull would simply encourage further breaches.

Verstappen has retained his title this season, while Red Bull have also secured the constructors' crown.