The pair were disqualified from the San Felipe 250 – part of the SCORE International Off-Road Championship – for unsportsmanlike behaviour.
The decision was made by the SCORE Competition Review Board, which is made up of active and retired SCORE racers across multiple classes.
It was alleged that Price and Bauman placed rocks on parts of the course.
Price has denied the allegations and said the footage circulated online did not prove any wrongdoing.
On Tuesday, Bauman gave Team Australia boss Paul Weel his resignation.
“The past couple of days have been the toughest of my career, which spans over 20 years. I have been compliant with all investigations both external to the team and internal to the team,” said Price in a statement.
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“I am aware of the decision of Brent Bauman the team navigator to resign and respect him for that course of action which goes a long way towards taking some responsibility for the outcome off the back of the CRB’s decision.
“There are times in life when circumstances require significant action and this is one of those circumstances.”
Price contended the conclusion that officials came to.
“The video that is circulating does not provide evidence of me placing any rocks,” Price added.
“The witness statement does not provide evidence of me making any rock placement and the conversations at the site where the video was taken were not with me except for me telling a girl I was ok when asked and that I was clearing a new line.”
“That being said the CRB has made its decision and I am obviously treating this as final and respect the process that they went through to get to it.
“I have the highest respect for SCORE International and for the people of the Baja Peninsula that provide their cooperation to the event.
“The safety of everyone competing and spectating in all forms of motorsport should be of paramount consideration.
“This is obviously not how I expected the San Felipe 250 to go but it is how it ended up.”
Price said a “higher standard of proof” should be used but that he accepted the decision of the competition review board and the “court of public opinion.”
In any case, the Australian is planning to step away from the championship.
“I will be taking some time off from desert racing and I don’t take this decision lightly given the significant damage,” said Price.
“I will reassess the position with the team and whether I will be competing in the series in the near future.
“In the meantime, I want to thank Paul for the significant investment he and his family have not only put into this team but also into my career.
“Paul was obviously not in any way involved in this interaction and has no knowledge it was occurring at the time, as he was located hours away and should not be portrayed negatively.”
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