Williams have entered into an ‘Accepted Breach Agreement’ with the FIA, after the team broke the financial regulations applied for the 2021 season.
Williams have been hit with a monetary fine by the FIA, following the Grove-based team breaching part of the 2021 financial regulations.
F1 introduced a whole new set of regulations for the 2021 season, coinciding with the introduction of a $145 million dollar budget cap on performance and car-related expenditure.
Strict controls on how this cap is monitored and regulated are in place, with the teams being responsible for paperwork regarding their accounts for submission to the FIA.
However, the FIA’s Cost Cap Administration notified Williams that a procedural breach has occurred after Williams failed to submit its documentation by the deadline of 31 March.
Williams responded to accept they had committed such a breach, and explained the steps they had taken to avoid making that breach. Given evidence that Williams had disclosed the breach to the CCA ahead of the deadline, as well as Williams being fully co-operative, an offer of an ‘Accepted Breach Agreement’ (ABA) was offered to the team. Williams have accepted that offer.
Breaking news. More to follow…
Source: Read Full Article