F1 team Red Bull fined $7-M for breaching 2021 cost cap

• Published date: 29 October 2022
• Publication title: Philippines News agency

The International Automobile Federation (FIA) on Friday ordered Red Bull Racing to pay $7 million for a minor financial breach during the Formula One 2021 season won by their Dutch driver Max Verstappen.

The FIA said the team had exceeded the £114 million ( $132 million) cost cap by £1.86 million ($2.2 million).

"In the summary, it was revealed Red Bull exceeded the 2021 Cost Cap of £118,036,000 by less than 5% (£1,864.000 or 1.6%), which is a minor breach.

"Regarding sanctions, Red Bull must pay $7million to the FIA within 30 days of the date of execution of the ABA (Accepted Breach Agreement)," Formula 1 said in a statement.

"They also receive a minor sporting penalty in the form of 10% reduction in...