BREAKING: Aston Martin fined over budget cap breach
BREAKING: Aston Martin fined over budget cap breach
Aston Martin has been handed a $450,000 [£388,217] fine for a procedural breach of financial regulations.
Aston Martin was one of two teams found guilty of a procedural breach of the financial regulations for the 2021 season when the FIA awarded certificates of compliance earlier this month.
The other was Red Bull, with the outfit also punished with a fine and a percentage loss of wind tunnel and computational fluid dynamics allowances.
In agreeing to the 'Accepted Breach Agreement' [ABA], the team has accepted its fault and has waived its right to appeal the penalty.
The report explained: "There is no accusation or evidence that AMR [Aston Martin Racing] has sought at any time to act in bad faith, dishonesty or in a fraudulent manner; nor has it wilfully concealed any information from the Cost Cap Administration [CAP] and that AMR did not gain or seek to gain any advantage from the inaccurate exclusions or adjustments of certain costs.
"The Cost Cap Administration considered it appropriate, in these circumstances, to offer to AMR an ABA to resolve this matter on the terms set out below, given the limited nature of the breach in issue, and AMR’s willingness to accept the breach and to cooperate with the Cost Cap Administration."
Williams was also $25,000 earlier this year for a procedural breach for a late submission that involved a third-party accounting company.
Aston Martin summary of inaccurately filed documentation
1. Cost pursuant to Article 3.1(h)(i) of the Financial Regulations (concerning costs in respect of the new F1 Team headquarters);
2. Understatement of Relevant Costs in respect of the provision set forth by Article 4.1(b)(ii) (concerning R&D tax credit);
3. Costs pursuant to Article 3.1(h)(i) of the Financial Regulations (concerning cost in respect of the new F1 simulator);
4. Cost pursuant to Article 3.1(o) of the Financial Regulations (concerning wind tunnel additional fees);
5. Cost pursuant to Article 3.1(i) of the Financial Regulations (concerning certain signing bonus cost);
6. Understatement of Relevant Costs in respect of provisions set forth by Article 4.1(a)(ii) of the Financial Regulations (concerning the use of Transferable Components);
7. Understatement of Relevant Costs in respect of provision set forth by Article 4.1(f)(i)(B) of the Financial Regulations (concerning Used Inventories);
8. Cost pursuant to Articles 3.1(h)(i) and 3.1(i) of the Financial Regulations (concerning service desk costs);
9. Cost pursuant to Article 3.1(i) of the Financial Regulations (concerning cost of catering services provided to personnel at its factory headquarters);
10. Cost pursuant to Article 3.1(i) of the Financial Regulations (concerning cost of desks and chairs);
11. Understatement of Relevant Costs in respect of provisions set forth by Article 4.1(h) of the Financial Regulations (concerning unrecorded costs and losses in respect of the cost of services rendered by sponsors);
12. Cost pursuant to Article 3.1(j) of the Financial Regulations (concerning cost of services rendered by outsourced personnel)
Related
Change your timezone:
Latest News
Red Bull now pressured into MISTAKES insists F1 rivals as title race heats up
- 28 minutes ago
F1 News Today: Vettel CONFIRMS stunning comeback as Red Bull boss issues Verstappen statement
- 45 minutes ago
F1 fan celebrates Verstappen failure with OUTRAGEOUS permanent change
- 1 hour ago
Wolff opens up on WHY Mercedes are 'very bad'
- 2 hours ago
F1 winner Sainz shares RAW images from surgery and recovery
- 3 hours ago
Hamilton and Cullen F1 fairytale COULD happen as clues reveal how
- 3 hours ago
F1 Race Calendar
-
GP BAHRAIN
29 Feb - 2 Mar
Max Verstappen
-
GP SAUDI ARABIA
7 - 9 Mar
Max Verstappen
-
GP AUSTRALIA
22 - 24 Mar
Carlos Sainz
- GP JAPAN 5 - 7 Apr
- GP CHINA 19 - 21 Apr
- GP USA 3 - 6 May
- GP ITALY 17 - 19 May
- GP MONACO 24 - 26 May
Related news
F1 team boss hails 'outstanding' cost cap and outlines WHY it's working
FIA confirms which F1 teams breached 2022 cost cap
Massa makes huge revelation about 'CRASHGATE' title fight
Unstoppable Verstappen is a MAJOR PROBLEM for F1
F1 Standings
Drivers
- Oliver Bearman
- Charles Leclerc
- Carlos Sainz
- Lando Norris
- Oscar Piastri
- Pierre Gasly
- Esteban Ocon
- Sergio Pérez
- Max Verstappen
- Alexander Albon
- Logan Sargeant
- Lewis Hamilton
- George Russell
- Nico Hülkenberg
- Kevin Magnussen
- Fernando Alonso
- Lance Stroll
- Valtteri Bottas
- Zhou Guanyu
- Daniel Ricciardo
- Yuki Tsunoda
Races
- Gulf Air Grand Prix of Bahrain 2024
- Saudi Arabian Grand Prix 2024
- Grand Prix of Australia 2024
- MSC Cruises Grand Prix of Japan 2024
- Grand Prix of China 2024
- Miami Grand Prix 2024
- Gran Premio dell'Emilia Romagna 2024
- Grand Prix of Monaco 2024
- Grand Prix du Canada 2024
- Gran Premio de España 2024
- Grand Prix of Austria 2024
- Grand Prix of Great Britain 2024
- Grand Prix of Hungary 2024
- Grand Prix of Belgium 2024
- Heineken Dutch Grand Prix 2024
- Grand Prix of Italy 2024
- Grand Prix of Azerbaijan 2024
- Grand Prix of Singapore 2024
- Grand Prix of the United States 2024
- Gran Premio de la Ciudad de Mexico 2024
- Grande Prêmio de São Paulo 2024
- Heineken Silver Las Vegas Grand Prix 2024
- Qatar Grand Prix 2024
- Grand Prix of Abu Dhabi 2024
About GPFans
GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.
With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.
Follow us on your favorite social media channel
Corporate & Media
Innovatieweg 20C7007 CD, Doetinchem, Netherlands
+31645516860