WILLIAMS are the first Formula One team to be fined by the FIA after breaching budget cap regulations.
The cost cap for the 2022 season was reduced to £111million from £115m the previous year.
But Williams have received a £20,000 fine for a “procedural breach” carried over from their accounts for the 2021 season.
The team failed to submit a full year of accounts ahead of the deadline on March 31, 2022, so they have been punished as a result.
Williams “voluntarily disclosed” the breach before confirming they would be “fully cooperative in seeking to remedy the breach”.
They agreed to the punishment but were required to complete their accounts by the end of May and cover costs from the cost cap administration process.
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A statement from F1‘s governing body, the FIA, said: “The decision of the Cost Cap Administration to enter into the abovementioned ABA constitutes its final decision resolving the matter and is not subject to appeal.
“Any non-compliance by Williams with any terms of the agreement would result in a further procedural breach and automatic referral to the Cost Cap Adjudication Panel.”
Red Bull principal Christian Horner had previously warned the FIA that teams could miss races this season if the budget cap is not relaxed.
He said: “Seven of the teams would probably need to miss the last four races to come within the cap this year.
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“It’s not just about the big teams. It’s teams in the middle of the field who are really struggling with inflationary issues.
“The FIA has a duty of care. I know they are taking it seriously.
“Energy bills, costs of living, costs are going exponentially, and F1 is not exempt.
“Freight has quadrupled and that’s not something we can control.”
Ferrari, Mercedes and McLaren all agree with Horner that the budget needs to be increased.
However, Williams, Alfa Romeo, Alpine, and Haas voted against the proposal.
