Williams fined for ‘procedural breach’ of F1 cost cap rules

Formula One F1 – Belgian Grand Prix – Spa-Francorchamps, Stavelot, Belgium – August 24, 2018 Williams’ Sergey Sirotkin with engineers during practice REUTERS/Francois Lenoir

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LONDON, June 7 (Reuters) – Williams has been fined $25,000 for breaking Formula One’s cost cap rules by missing a deadline to file the team’s 2021 accounts, the company said on Tuesday. FIA in power.

He said an “agreed breach agreement” dated May 19, 2022 had been entered into by the FIA ​​and Williams Grand Prix Engineering Limited.

Williams was notified on April 12 that he had committed a procedural violation after the team voluntarily disclosed the issue before the March 31 reporting deadline.

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The case has since been resolved and Williams has paid the fine.

The former champions are the first to be punished for breaching cost cap regulations which limit Formula 1 teams to spend $140m this year.

Privateer Williams, once dominant but without a title since 1997 and now battling among the laggards, has one of the smallest budgets in the sport.

The biggest and wealthiest teams have warned that meeting the limits will be impossible due to inflation and spiraling costs, and want the FIA ​​to extend the cap.

Mercedes F1 boss and co-owner Toto Wolff told reporters at the Monaco Grand Prix last month that his team’s energy bill at the Brackley factory had risen from 2.5 million pounds (3.15 million) to 6.5 million and transportation costs in the same way.

($1 = 0.7945 pounds)

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Reporting by Alan Baldwin, editing by Toby Davis

Our standards: The Thomson Reuters Trust Principles.

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