The Formula 1 teams have reached an agreement concerning the finances of the Sprint races project, something which caused controversy among the paddock in previous discussions.

While no exact details have been revealed yet, it is said that teams will receive $500,000 dollars for the three sprint races, with the budget cap being increased by the same amount.

The agreement also possibly includes extra payment and a raise of the cost cap for those teams that suffer heavy damage during any of the sprint races.

While teams are in agreement over the financial matters regarding the sprint races, the final vote has not yet been taken, and may not be for a few more weeks.

Speaking at the Bahrain Grand Prix, Red Bull Team Manager Christian Horner had said that a financial agreement was important for big teams that are at the limit of the cost cap spending.

“There just has to be a sensible allowance that takes that into account, because we’re chasing 10, 20 or 30 thousand pounds savings at the moment to ensure that we’re hitting the cap,” he said.

“To suddenly have a variable like this is something that just needs to be accommodated. We’re keen to support it but there needs to be an accommodation.”

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