The F1 Commission formerly approved earlier this week this year's three-race Sprint Qualifying trial for which teams will receive extra monies in compliance with the sport's amended cost cap regulations.
For the first time in Grand Prix racing's history, F1 teams are operating this year under a $145 million budget cap. However, there are several items excluded from the limitation, including driver salaries, the salaries of the three highest-paid employees and all marketing costs.
Although the Sprint Qualifying format is unlikely to result in additional mileage for teams, risks of damage occurring in the Saturday afternoon 100-kilometer mad dash are elevated.
To compensate for the sprint race's potential hazards, each team will receive an extra payment of $150,000 for each event which equates to an allowance of $450,000 over the three Sprint Qualifying weekends.
"For each competition in the full year reporting period ending on 31 December 2021 that included a sprint qualifying session the F1 team must make a downward adjustment in the calculation of relevant costs for the reporting period ending on 31 December 2021 equal to US$150,000," stet the regulations.
Furthermore, teams will be allowed to adjust their budget cap by $100,000 per car in the event of a retirement in the sprint race or a car's entry into the pitlane.
Should a significant crash in the short race burden the team in excess of that value, an additional adjustment can be made in accordance with the Cost Cap Administration, or an adjustment "equal to the difference between the value of the accident damage and $100,000".
Formula 1 will test its novel format for the first time in July at the British GP, while Monza and Interlagos are expected to compete the three-race trial.