Formula 1 teams agree on financial terms for sprint races

After it looked like Formula 1 hit a hurdle in its efforts to host sprint races in 2021, the 10 teams have agreed upon the financial terms associated with these races.

When the idea was initially proposed, teams were not happy with the extra costs attached to having sprint races on Saturdays. The grid asked for extra compensation from Formula 1 for the three additional races. With certain teams suggesting a cost cap of $1 million, smaller teams weren't keen on the idea. They rightly felt that the money could be channeled towards research and development.

🗓 Coming up on the Sim Grid this week:✅ Fierce competition in Sprint Cup S3 – it's Round 3 from Imola✅ #SuperSaturday – 3 support races and the Best of British feature race from Brands Hatch✳️ Oh and there might be some other announcements too... But what will they be?! 🤔 pic.twitter.com/S2weZXeFa3

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Formula 1 to finally have sprint races

Motorsport.com reports that multiple Formula 1 teams have agreed upon the financial details of the sprint races, which now look like a near possibility. Although the official figures are not released yet, teams will reportedly get an additional $500,000 for the three additional races.

There will also be further payments if a team has to make major repairs caused by an incident during the sprint races.

The financial aspect was the biggest bottleneck for the introduction of sprint races in Formula 1. With a few details yet to be finalized, Formula 1 looks ready to host sprint races in the 2021 season.

.@jpmontoya believes sprint races are "the way forward" for #F1 🗣To watch the full #ThinkingForward interview, hit the link below ⬇️#Formula1 #F12021 #SprintRaces #Montoya #JuanPabloMontoya pic.twitter.com/XeCJfnvy5j

— Autosport (@autosport) April 7, 2021

The idea is for sprint races to replace Saturday's qualifying sessions. The 100 kilometer races will be tried at Silverstone, Monza and Interlagos this year. The classification from the sprint races will decide the grid for the Grand Prix race on Sunday.