The Grove team received a fine of $ 25,000 from the FIA: it did not expose the documentation required by the new regulation on the budget cap of the teams, introduced to control expenses, by the deadline of March 31st.
Williams was fined $ 25,000 after breaking financial regulations for the 2021 Formula 1 season. The FIA introduced a cost cap, the so-called “budget cap” which was set at $ 145 million and then lowered to $ 145 million. 140 million for the 2022 campaign, thus aiming to limit how much a team could spend on developments. As specified by the Financial Regulation, Williams did not submit accounts for the full year before the deadline of March 31, 2022, thus committing a “procedural violation”.
collaborative team
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Williams, the FIA said, “voluntarily detected” the violation before the deadline and “was fully cooperative in trying to remedy the violation.” Under the agreed penalties, Williams had to complete their accounts by the end of May and also had to cover the costs of the expense cap administration process.
not appealable
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“The Cost Cap Administration’s decision constitutes its final decision to resolve the matter and is not subject to appeal,” the FIA said. Any failure by Williams to any term of the agreement would result in a further procedural violation and automatic referral to the Cost Cap Adjudication Panel, the FIA added.
08 June 2022 – 10:26
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