F1 introduced a budget cap of $145 million last year with the aim of creating a more level playing field in F1 and to reduce the spending might of powerhouses like Mercedes, Ferrari and Red Bull.
Red Bull driver Max Verstappen, right, of the Netherlands is sprayed with champagne by second placed teammate Sergio Perez of Mexico on podium during the Japanese Formula One Grand Prix at the Suzuka Circuit in Suzuka, central Japan, Sunday, Oct. 9, 2022.– Formula One team Red Bull was found to have breached budget regulations last season, with the sport's governing body saying Monday it was guilty of “minor” overspending.
The FIA announced the verdict of its investigation into whether some F1 teams had violated the spending regulations in 2021, when Red Bull driver Max Verstappen won his first title on the last lap of the last race. Verstappen clinched his second straight title at the Japanese Grand Prix on Sunday. The governing body said Red Bull was “considered to be in procedural and minor overspend breaches of the financial regulations” in 2021, but that any sanctions would be announced at a later date. Going over the budget cap by less than 5% is considered a minor breach.
It was scaled down to $140 million for 2022 and drops to $135 million for 2023, excluding driver salaries and engine costs.Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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