As reported by Sky Sports News last week, Red Bull have overstepped last season's $145m cap by less than five per cent, although an exact figure has not been revealed by F1's governing body.

Red Bull are the only team to have exceeded the cap, with Aston Martin only having been found to have made a 'procedural' mistake with their report.

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F1's governing FIA say their "Cost Cap Administration is currently determining the appropriate course of action to be taken under the financial regulations", but Sky Sports News understands the punishment is unlikely to be severe.

A minor breach of the financial regulations could result in a financial penalty and/or minor sporting penalties.

The penalties listed by the FIA include a deduction of drivers' and constructors' championship points, which if applied could have an impact on the 2021 title battle between Max Verstappen and Lewis Hamilton, and a suspension.

Other, more realistic, penalties could be a reprimand, a limitation to conduct aerodynamic or other testing, and/or a reduction in that team's future cost cap limit.

The results were finally published on Monday following a delay amid intense speculation about which teams had failed to comply and by how much.

If Red Bull had committed a major, or 'material', breach of F1's financial regulations, a points deduction and an extraordinary stripping of Verstappen's title from last year would have been more likely.

The first 'heavyweight' breach of F1's cost cap

The budget cap debuted in 2021 after first being revealed by F1 and motorsport chief Ross Brawn back in 2019.

"This has teeth," Brawn said at the time. If you fraudulently breach the financial regulations, you will be losing your championship."

It was heavily rumoured during the Singapore GP weekend that two teams had fallen foul of F1's budget cap, with the paddock convinced Red Bull and Aston Martin were the teams in question.

While Mercedes boss Toto Wolff said it was an "open secret" and demanded action, Red Bull and Aston Martin vehemently denied the accusations.

Christian Horner, Red Bull boss, called the claims "fictitious" and remained adamant about his team's innocence at the Japanese GP.

"We feel we've absolutely complied with the cost cap, with the regulations," he told Sky Sports F1. "We're happy with our submission and are waiting to hear what the feedback is."

Red Bull have yet to comment on being found in breach of the cost cap.

Red Bull's main rivals Mercedes and Ferrari have both called for "severe action" over any breach that could have had an impact on performance.

"The crucial part is that if you have been over in 2021, then you've been over in 2022 and that means you have an advantage into 2023," said Wolff. "If it's true that they formulated a lightweight chassis this year, they may use it the next year, so it's really a cascade of events that can influential on all of the three championships.

"This is heavyweight, it's massively heavyweight."

Hamilton, who lost out to Verstappen by just eight points in a fierce and incredible close title fight, argued ahead of the Japanese GP that the championship could have been decided by spending more money.

"What I can say is I remember last year in Silverstone we had our last upgrade and fortunately it was great and we could fight with it," Hamilton said, speaking ahead of this weekend's Japanese Grand Prix.

"But then we would see Red Bull every weekend or every other weekend bringing upgrades. They had, I think, at least four more upgrades from that point.

"If we spent £300,000 on a new floor, or adapted a wing, it would have changed the outcome of the championship naturally because we would have been in better competition in the next race if you add it on.

"So, I hope that that's not the case. I do believe Mohammed [Ben Sulayem, FIA president] and the FIA will do what is right with whatever they find out."