F1 news: £6million fine for Red Bull by FIA over breach of Formula 1 financial rules

Red Bull have been fined 7million US dollars (£6.05m) for breaking Formula One's financial rules, the sport's governing body has confirmed.

The FIA announced that the team, which carried Max Verstappen to a contentious championship victory over Lewis Hamilton last year, overspent by £1.86m.

Red Bull have entered into a so-called Accepted Breach Agreement with the FIA which will also see their aerodynamic testing time reduced by 10 per cent next year.

The deal, which ensures Red Bull lose any right to appeal, avoids the team risking a harsher punishment, which could have included the deduction of championship points, and Hamilton being instated as last year's title winner.

A statement from the FIA ahead of this weekend's Mexican Grand Prix, reads:

"Red Bull Racing was found to be in breach, however, the Cost Cap Administration recognised that Red Bull Racing has acted cooperatively throughout the review process and has sought to provide additional information and evidence when requested in a timely manner, that this is the first year of the full application of the Financial Regulations and that there is no accusation or evidence that RBR has sought at any time to act in bad faith, dishonestly or in fraudulent manner, nor has it wilfully concealed any information from the Cost Cap Administration.

"In these circumstances, the Cost Cap Administration offered to RBR an ABA to resolve this matter. That offer was accepted by Red Bull Racing."

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