Following the submission of all required documentation by all ten Formula One Teams, the Cost Cap Administration carried out the first ever review process under the FIA Formula 1 Financial Regulations (“Financial Regulations”). These new Financial Regulations are a very complex set of rules that competitors were required to adapt to for the first time. 

AMR GP Limited (“AMR”) was found to be in procedural breach of the Financial Regulations notwithstanding the fact that its Relevant Costs during the 2021 reporting period were under the Cost Cap.  However, in the presence of specific circumstances, the Cost Cap Administration offered to AMR an Accepted Breach Agreement (“ABA”) to resolve this matter. That offer was accepted by AMR. The Cost Cap Administration recognised that AMR has acted cooperatively and in good faith 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 AMR has sought or obtained any undue advantage as a result of the breach. 

An ABA dated 25 October 2022 was therefore entered into by and between the Cost Cap Administration and AMR pursuant to Article 6.28 of the Financial Regulations. A link to a summary of the terms of the ABA as provided for by Article 6.32 of the Financial Regulations is below.