Haas team boss Guenther Steiner says owner Gene Haas believes in Formula 1 and its future, having committed the squad to the championship through at least 2025.
Haas joined the Formula 1 grid in 2016 and finished fifth in the standings in 2018, but regressed to ninth last year, a position it has maintained so far in 2020.
Owner Haas previously suggested that he would re-evaluate the team’s presence in Formula 1 amid concerns over financial inequality.
But last week it was confirmed that all 10 current teams have signed the Concorde Agreement, which covers the 2021 to 2025 seasons.
“I guess Gene looked at it and Formula 1’s still a very good tool for getting his brand name, Haas Automation, out in the world,” said Steiner.
“It works – otherwise he wouldn’t be doing it. He loves the sport as well.
“Even if it is a big financial commitment, with the new regulations coming in, it should make the playing field more even and the commercial aspects better for the smaller teams – so as a result he has decided to continue.
“For me, it means – even at the moment when we’re not running competitively, we’ve got a Formula 1 team which works, and that’s more down to the team than to me.
“I’m part of the team though, we all work together, and in the end, Gene believes in the team. Everybody is, for sure, happy to be moving forward now with the agreement signed.”
Formula 1’s budget cap will come in for 2021 at $145m, and reduce to $135m by 2023, but Steiner nonetheless reiterated that it will take time for the impact to be felt.
“The budget cap should level the playing field, it will level the playing field – just maybe not in the first year, but in the mid-term for sure,” he said.
“The payments, to make it more equal, will also mean the smaller teams get a little more revenue.
“It’s never enough for the small teams by the way, but it levels the field and that should be the aim of a sport – any day, anybody can win. It’ll take a while until that happens but for Formula 1 it’s a big step in the right direction.
“It was needed a few years ago, but it’s better late than never.”
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