by The FIA announced last week that Red Bull was deemed to have exceeded the $145m budget cap last year, something the team has adamantly denied.
Findings from the FIA’s financial audit claimed that Red Bull had engaged in minor overspending, which is within 5% of the budget cap, equating to $7.2m.
Talks are ongoing between Red Bull and the FIA about a possible agreed default deal, but other teams and drivers have been clear in their calls for tough action.
Steiner said he had “no idea” what penalty Red Bull might face, but felt adjustments were needed for the financial rules to move forward, including a reduction in what is considered a minor offence.
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“It should be smaller, in my opinion, now that I think about it,” Steiner said.
“I call it now a budget cap of $140 million, 5% is seven million. But in the $140 million, you have certain expenses that you can’t change.
“So these expenses are not seven million in development, these expenses, 5% in development, is a higher number. The percentage is the same, but it makes a bigger difference.
“I think we have to rethink that when the next Concord Agreement is written.”
Antonio Giovinazzi, Haas VF-22, leaves the garage
Photo by: Andy Hone/Motorsport Images
The 2021 season marked the first year that teams had to comply with financial regulations, but were invited to undertake a voluntary audit in 2020 to prepare for the introduction of the budget cap the following year.
Steiner said it was “difficult to comply” even for Haas when it did the voluntary audit given the complexity of the rules, saying the FIA was “very, very strict”.
“There is no longer any wiggle room in the way they present their stuff, you have to do a good job,” he said.
“It’s not just the finance people, it’s the people in the car like with the car parts you use and all that information. It is hard work to put all this in order, so it is not an easy task.”
Although the FIA has outlined the possible penalties for teams spending less than the budget cap, if an accepted breach agreement is reached, there can be no loss of constructors’ championship points, drivers’ championship points or a reduction at the cost limit. .
Steiner felt that it was a “weakness” of the financial regulations that had to be learned from in the future.
“All these things, it’s the first time,” he said. “If it were clear, we would not be here speculating about what has been done.
“Going into this, getting to have a cost cap, you have to have respect for how we strive to have one. Now all you have to do is improve them. That will come with time.
“There are a lot of things that maybe we need to improve. Not change, but improve, which includes change, obviously.”
