News from Formula 1: Due to the dispute over the costs, Formula 1 has submitted a compromise proposal of three sprint events. The majority of Formula 1 owners and Liberty media had plans to hold qualifying races at six Grand Prix sprints.
Teams like Mercedes, Red Bull and Ferrari want an increase in cost caps. Therefore, a three-sprint compromise package has been put in place by Formula 1 bosses as some of the teams are still opposed to capping the cost caps.
F1 needs the support of at least eight teams to double the number of sprint races. Currently only seven teams have agreed to extend the sprint races. However, the top three teams, Mercedes, Red Bull and Ferrari, want an increase in cost caps and have therefore not agreed on the plan.
Without the support of either of these teams, the sprint plans are abandoned. These season openings were scheduled in Bahrain, then Imola, Canada, Austria, the Netherlands and Brazil. But this plan failed due to resistance from the top teams.
Formula 1 News: F1 initiates compromise plan for three sprints in 2022
A compensation package of US$500,000 for the additional sprints for the first five events and an additional US$150,000 was offered by Formula One.
The original plan of six sprints meant compensating $2.65 million for each team, but this year there will be no additional allowance for accidental damage in the expense caps. Although discussions on this are ongoing, a compromise package of three sprints has been offered.
Formula 1 news: The upper cost limit is unsatisfactory for the big teams in Formula 1
A meeting will be held on February 14 to decide whether or not an agreement can be reached. However, they will still not allow the cost ceilings to be raised. The cost cap limit is $140 million for each team.
This $140 million will be spent by the design, development and operations teams. Even if it’s a big sum, it won’t be enough for a big team. A major Formula 1 team spends nearly $350 million in a season.
These 350 million also include other costs such as driver salaries. Salaries of the three highest-paid executives and other expenses not included in the expense caps.
The top teams want an increase in the cost ceilings. One team even said the cost cap should be increased by $5 million, according to McLaren CEO Zak Brown. He criticized this question, saying it was ridiculous.
He also said F1 should postpone the idea of sprint racing to 2023 without raising cost caps. But without the support of many teams, this is a failed plan.
Mercedes, Red Bull and Ferrari, F1 could abandon the plan altogether. Because of such conflicts, it has not yet been decided whether the idea of the three sprints will be implemented or not.
