breaking news

BREAKING NEWS

today is Dec 06, 2022

© XPB 

Aston Martin has been fined $450,000 by the FIA for a procedural breach of Formula 1's 2021 cost cap regulations.

The Silverstone-based outfit was singled out - along with Red Bull racing - for its administrative transgression following the FIA's comprehensive audit of all the F1 teams' financial accounts that was concluded in March of this year.

Unlike Red Bull, it was found that Aston Martin's spending last season did not exceed F1's mandatory $145 million budget cap. However, a procedural breach was identified.

This was not contested by Aston Martin which entered into an Accepted Breach Agreement to permanently settle the matter.

  • Read also: FIA hits Red Bull with $7M fine for 2021 cost cap breach

In a statement issued on Friday, the FIA explained that Aston Martin had "inaccurately excluded and/or adjusted costs in the calculation of its relevant costs".

As a result, Aston Martin has been fined $450,000 that must be paid within the next 30 days.

The FIA made clear that Aston Martin had co-operated through the accounting review process and that it "did not gain or seek to gain any advantage from the inaccurate exclusions or adjustments of certain costs".

"The Cost Cap Administration considered it appropriate, in these circumstances, to offer to Aston Martin an ABA to resolve this matter on the terms set out below, given the limited nature of the breach in issue, and AMR’s willingness to accept the breach and to cooperate with the Cost Cap Administration," concluded the governing body's statement.

For Aston Martin, the matter is now permanently closed.

Keep up to date with all the F1 news via Facebook and Twitter