It has been revealed that the team overspent by £1.86m last year.

Red Bull have entered a deal, in which they lose their right to appeal, that will see their wind tunnel time reduced by 10 per cent next year.

This agreement also ensures the team will not face any further punishment.

A statement released by the FIA said: “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."