Williams F1 team fined for financial rules procedure breach

The Williams team has paid a $25,000 fine to the FIA following a procedural breach of Formula 1's financial regulations, the ruling body announced on Tuesday.

Williams F1 team fined for financial rules procedure breach

The FIA said Williams had failed to submit its complete full year reporting documentation from 2021 by the 31 March 2022 deadline, as required by article 5.1 of the sport's financial regulations introduced in 2021.

Williams was notified of the breach in April by the FIA's Cost Cap Administration, and the Grove team duly collaborated with the FIA in order to rectify the breach.

The governing body said the team had entered into an ABA (Accepted Breach Agreement) that translated into a $25,000 fine.

The FIA said in a statement: "Having considered Williams' explanation and given in particular that the Procedural Breach was voluntarily disclosed by Williams in advance of the Full Year Reporting Deadline of 31 March 2022 and Williams has been fully cooperative in seeking to remedy the breach, the Cost Cap Administration deemed it appropriate to offer Williams an ABA resolving the breach on the terms set out below. That offer was accepted by Williams."

According to the FIA, Williams also agreed to remediate the procedural breach by no later than 31 May 2022, and to "bear the costs incurred by the Cost Cap Administration in connection with the preparation of the ABA".

"The decision of the Cost Cap Administration to enter into the above-mentioned ABA constitutes its final decision resolving the matter and is not subject to appeal," the statement added.

"Non-compliance by Williams with any terms of the ABA will result in a further Procedural Breach under Articles 6.30 and 8.2(f) of the Financial Regulations and automatic referral to the Cost Cap Adjudication Panel.

"The Cost Cap Administration confirms that, as of the date hereof, Williams has within the specified deadline remediated the Procedural Breach, paid the Financial Penalty, and bore the costs incurred by the Cost Cap Administration in connection with the preparation of the ABA."

Nicholas Latifi, Williams FW44

Nicholas Latifi, Williams FW44

Photo by: Zak Mauger / Motorsport Images

The current budget cap introduced in 2022 is $140m for the year, with an extra $1.2m for a 22nd race.

Red Bull team principal Christian Horner said last month his team could be forced to miss some races unless the cap is adjusted to match inflation levels.

F1 teams have yet to agree on a direction for addressing the inflation, with several of the smaller teams arguing that it would set a bad precedent to revise the cap.

Ferrari's Mattia Binotto warned there was way his team would be able to fall under the cap, but was unclear on what the consequence would be as there is no fixed penalty for what is known as a ‘minor’ breach of the rules within 5 percent of the limit.

Horner said: "I think all the major teams are going to breach that $140m cap this year. But what is the penalty for a minor breach?

"What we don't want to do is end up is playing a game of chicken as to say, do you go for 4.9 per cent over, do we go for 4.7 per cent? And that could be one upgrade: that could be the differentiating factor of this world championship.

"I think what we do need is clarity and clarity quickly."

shares
comments
Number of US sponsors in F1 has doubled under Liberty, says Williams
Previous article

Number of US sponsors in F1 has doubled under Liberty, says Williams

Next article

The overlooked flaws of the 2022 F1 cars that Baku will expose

The overlooked flaws of the 2022 F1 cars that Baku will expose
Why is Oscar Piastri F1's most sought-after rookie? Plus

Why is Oscar Piastri F1's most sought-after rookie?

The Australian rising star is fast, consistent, confident, adaptable and has shown excellent racecraft, but there’s already a taint to his reputation. That hasn’t stopped him becoming the hottest property in this year’s F1 driver market and why McLaren moved fast to snap up the 21-year-old

The unintended benefit that F1's new engine rules era will deliver Plus

The unintended benefit that F1's new engine rules era will deliver

Formula 1's incoming engine rules shake-up has multiple targets. But it may also solve what has been a bone of contention since the hybrids arrived in 2014. The new plan will allow the series to pump up the volume

Formula 1
Sep 29, 2022
How de Vries made himself impossible to ignore for a belated F1 chance Plus

How de Vries made himself impossible to ignore for a belated F1 chance

Nyck de Vries appeared to have missed his opportunity to break into Formula 1 as he was passed over for more exciting talents who have now become frontrunners and title fighters. But after catching the eye outside of the F1 sphere, before his stunning impromptu grand prix debut in Italy, will it lead to a delayed full-time race seat?

Formula 1
Sep 29, 2022
Can Hamilton produce another Singapore magic moment? Plus

Can Hamilton produce another Singapore magic moment?

The Singapore Grand Prix has, explains BEN EDWARDS, played an important role in Lewis Hamilton’s Formula 1 career. As the series returns to the Marina Bay Street Circuit for the first time in three years, he faces the latest challenge with an underperforming Mercedes car

Formula 1
Sep 28, 2022
Why Sainz is key to Ferrari achieving its chairman's F1 goals Plus

Why Sainz is key to Ferrari achieving its chairman's F1 goals

Although Ferrari's chances of title glory in 2022 have evaporated, chairman John Elkann expects the team to have chalked up both championships by 2026. Both require drivers to play the team game and, having now become more comfortable with the F1-75, Carlos Sainz may be Ferrari's key to title glory

Formula 1
Sep 27, 2022
How F1 has tried to avoid repeating its 2014 engine rules mistakes Plus

How F1 has tried to avoid repeating its 2014 engine rules mistakes

With Formula 1’s future engine regulations now agreed, MARK GALLAGHER wonders if they will provide a more competitive field than past attempts actually managed

Formula 1
Sep 26, 2022
How its faltering first turbo car advanced a Williams-Honda glory era Plus

How its faltering first turbo car advanced a Williams-Honda glory era

STUART CODLING charts the development of the Williams FW09, the ugly duckling that heralded the start of the title-winning Williams-Honda partnership

Formula 1
Sep 25, 2022
The Moss-Ferrari farce that current F1 drivers are thankfully spared Plus

The Moss-Ferrari farce that current F1 drivers are thankfully spared

Recent moves within the driver market have reminded MAURICE HAMILTON of a time when contracts weren’t worth the paper they weren’t written on…

Formula 1
Sep 24, 2022