Red Bull have been fined 7million US dollars (£6.05m) for breaking Formula One’s financial rules, the sport’s governing body has confirmed.

The FIA announced that the team, which carried Max Verstappen to a contentious championship victory over Lewis Hamilton last year, overspent by £1.86m.

Red Bull have entered into a so-called Accepted Breach Agreement with the FIA which will also see their aerodynamic testing time reduced by 10 per cent next year.

The deal, which ensures Red Bull lose any right to appeal, avoids the team risking a harsher punishment, which could have included the deduction of championship points, and Hamilton being instated as last year’s title winner.

McLaren boss Zak Brown wrote to FIA president Mohammed ben Sulayem to say a financial breach “constitutes cheating”.

However, the FIA concluded that there is no accusation Red Bull “acted in bad faith, dishonestly or in fraudulent manner” when it broke the £114m budget cap.

A statement from the FIA ahead of this weekend’s Mexican Grand Prix, read: “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.

Christian HornerChristian Horner will speak at a press conference on Friday (David Davies/PA)

“In these circumstances, the Cost Cap Administration offered to RBR an ABA to resolve this matter. That offer was accepted by Red Bull Racing.”

In its three-page report, the FIA mentioned 13 items that Red Bull “incorrectly excluded and/or adjusted costs” in its financial submission.

These included catering, employer’s social security contributions, staff bonuses, apprenticeship levies and travel costs.

It also mentioned “Understatement of Relevant Costs in respect of provisions set forth by Article 4.1(a)(i) of the Financial Regulations (concerning the cost of use of Power Units)” and “Clerical error in respect of Red Bull Racing’s calculation of certain costs re-charged to it by Red Bull Power Trains Limited”.

Red Bull team principal Christian Horner, who last week in Austin said he was “shocked and appalled” by Brown’s accusations of cheating, is due to stage a press conference in Mexico at 11:30am local time (5:30pm UK).

Aston Martin were later fined 450,000 US dollars (£388,000) for a procedural breach “because it inaccurately excluded and/or adjusted costs in the calculation of its relevant costs”.

Both Red Bull and Aston Martin must pay their respective fines within 30 days.