Motorsport: Motor racing-Williams fined for ‘procedural breach’ of F1 cost cap rules

LONDON (Reuters) – Williams have been fined $25,000 for breaching Formula One’s cost cap rules by lacking a deadline to file the group’s 2021 accounts, the governing FIA stated on Tuesday.

It stated an ‘accepted breach settlement’ dated May 19, 2022 was entered into by the FIA and Williams Grand Prix Engineering Limited.

Williams have been notified on April 12 that they’d dedicated a procedural breach after the group voluntarily disclosed the issue forward of the March 31 full yr reporting deadline.

The matter has since been resolved and Williams have paid the penalty.

The former champions are the primary to be punished for a breach of the cost cap rules which restrict Formula One groups to spending of $140 million this yr.

Privately-owned Williams, as soon as dominant however and not using a title since 1997 and now preventing among the many back-markers, have one of the smaller budgets within the sport.

The largest and wealthiest groups have warned that retaining throughout the limits might be not possible as a result of inflation and spiralling prices, and need the FIA to stretch the cap.

Mercedes F1 boss and co-owner Toto Wolff advised reporters ultimately month’s Monaco Grand Prix that his group’s power invoice on the Brackley manufacturing unit had gone up from 2.5 million kilos ($3.15 million) to six.5 million and freight prices in the same approach.

($1 = 0.7945 kilos)

(Reporting by Alan Baldwin, modifying by Toby Davis)

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