The Williams team has been fined $25,000 (just under €24,000) by the International Automobile Federation (FIA) as a result of an infringement of the Formula 1 financial regulations, the category’s governing body announced on Tuesday.
The FIA announced that Williams failed to submit full documentation for its 2021 season annual report by the March 31, 2022 deadline, as required by article 5.1 of F1’s financial regulations.
Williams was notified of the breach by the FIA cost cap administration in April and the Grove team duly cooperated with the FIA to correct it. The governing body said the team signed an accepted default agreement (ABA), which resulted in a $25,000 fine.
The FIA said: “Having considered Williams’ explanation and taking into account, in particular, that the breach of procedure was voluntarily disclosed by Williams before the annual reporting deadline of 31 March 2022, Williams has fully cooperated. In attempting to remedy the problem, the Cost Cap Administration deemed it appropriate to offer Williams an ABA, resolving the non-compliance with the established terms. That offer was accepted by Williams.”
Nicholas Latifi at the wheel of the Williams FW44
As reported by the FIA, Williams has also promised to remedy the breach of the procedure before May 31, 2022 and “deal with the costs incurred.” The statement adds that “the ABA’s decision constitutes a final decision that resolves the problem and is not subject to appeal.”
“Williams’ failure to comply with any of the terms of the ABA will result in a further procedural infringement under Articles 6.30 and 8.2(f) of the Financial Regulations and will have an automatic referral to the administration of the cost limit of the FIA”.
“As of the date of this document, Williams has corrected, within the established period, the non-compliance with the procedure, has paid the economic penalty and has defrayed the costs incurred in the Administration of the Cost Limit in accordance with the ABA”, it concludes.
