Williams Formula 1 racing team broke financial rules and became the first team to be fined for breaking the new rules. This was announced by the cost department of the International Automobile Federation (FIA). Williams was fined $25,000 for failing to submit required documents for the 2021 fiscal year by March 31, 2022. Williams accepted the penalty. Since 2021, Formula 1 has put in place new regulations to limit spending.
In reviewing Williams’ statement, based on the fact that Williams’ procedural breach was voluntarily disclosed before the March 31, 2022 reporting deadline, and the team was “fully cooperative” in addressing the breach, it “considered it appropriate to present to Williams an acceptable breach of contract to remedy breach. Williams has accepted this offer,” the FIA statement said. The procedural violation has since been resolved, and Williams has incurred the costs.
Since 2021, there have been strict financial constraints in Formula 1. However, due to high inflation, there is currently a heated debate about whether the budget cap should not be increased.
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