At each Grand Prix event, a substantial amount of monetary value is invested to cover expenses for the organizers, staff and all the individuals directly involved in the event. However, the millions of people attending these events automatically compensate for the money invested, generating additional profits.
The FIA, as the governing body of the motorsports industry, earns a significant amount of money after every F1 Sprint Weekend due to the sport’s global popularity.
How much does FIA earn after the introduction of F1 Sprint Weekend?
The entry fees for F1 in 2024 have been declared, reflecting a 6.5% increase to align with inflation, ensuring teams receive a return on their investments in the upcoming year.
An additional 216 points have been allocated as a result of the increase from three to six sprints. A large portion of these points have been awarded to Red Bull as Constructors’ Champions (and a higher rate of $7,893 per point per match compared to $6,575 for the rest of the teams). As a result, the FIA is assumed to gain an extra $1,512,460 solely from the points distributed in the F1 Sprints in 2023 as part of the 2024 entry.
What do the drivers think of the Sprint Weekend format? 💭 pic.twitter.com/GGyognoWmV
— Sky Sports F1 (@SkySportsF1) November 2, 2023
When combined with the drivers’ Super License fees of €453,600 (approx. $485,000, based on 2023 figures with 2024 Super License fees not yet released), this would bring the net income for the FIA just under $2 million (£1.63m) in entry and Super License fees based on F1 Sprints for the current year, to be taken ahead of the 2024 season.
How does the F1 Sprint Weekend format work?
The Sprint race follows the same length and format as in 2022. It is equivalent to a 100-kilometer race and consecutively provides points for the top eight drivers who finish the race. The winner receives eight points, and the points decrease for subsequent positions. On Sunday, the main race takes place. New changes are being made for the next season. Some of the drivers have also criticized the constant changes made for the Sprint weekend.
Everyone’s circumstances are different but with a young family, it’s often hard to commit to watching all of an entire sprint weekend format.
— Ashley Woodhouse (@AshWoody90) November 5, 2023
This is where the usual format excels. It’s just enough, and not too much and doesn’t take up the whole weekend.#BrazilGP 🇧🇷 #F1 pic.twitter.com/cdIJj9E1fg
The 2023 F1 sprint race weekend format is given below:
Friday morning: 60-minute Free Practice 1
Friday afternoon: Regular qualifying to order the starting grid for the grand prix
Saturday morning: Sprint qualifying to order the starting grid for the sprint race
Saturday afternoon: Sprint race; top eight scoring points
Sunday: Full grand prix race: top 10 scoring points plus the fastest lap bonus point
What are your opinions on the Sprint format for this season? Do you think some changes are necessary for the upcoming year? Let us know in the comment section below.
