Formula One world champion Max Verstappen's Red Bull team breached last year's cost cap rules with a 'minor overspend', the governing FIA said in a statement on Monday.

Formula One F1 - Abu Dhabi Grand Prix 

The team, set to win both 2022 titles after Verstappen secured his second driver's crown in Japan on Sunday, were also in procedural breach and risk a fine and unspecified 'minor sporting penalties'.

The FIA reported Aston Martin, owned by Canadian billionaire Lawrence Stroll, were considered to have committed a procedural breach.

"The FIA Cost Cap Administration is currently determining the appropriate course of action to be taken under the financial regulations with respect to Aston Martin and Red Bull," it said in a statement.

Breaches can attract a range of penalties from public reprimands and fines to a deduction of championship points and even exclusion from the championship in the case of a major overspend.

Red Bull noted the findings "with surprise and disappointment".

They said their 2021 submission was below the cost cap limit and they would consider all options while following the FIA process.

"We need to carefully review the FIA's findings as our belief remains that the relevant costs are under the 2021 cost cap amount," they added.