Red Bull fined $7million and hit with further punishment for breaching F1 budget cap regulations

Motorsport's world governing body the FIA revealed that Red Bull were guilty of spending £1.86m more than they were permitted to last season, which ended dramatically when Max Verstappen won his first world title.

The FIA on Friday confirmed the sanctions imposed on the constructors’ champions after the Red Bull Racing accepted breaking the rules.

It was taken into account by the FIA that Red Bull Racing had "acted cooperatively throughout" what was the first review process under F1 financial regulations.

An FIA statement said: "Following the submission of all required documentation by all 10 Formula One teams, the Cost Cap Administration carried out the first ever review process under the FIA Formula One World Championship Financial Regulations.

"These new Financial Regulations are a very complex set of rules that competitors were required to adapt to for the first time.

"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 RBR.