Hass believe the financial boost from their deal with incoming title sponsor MoneyGram will allow the team to operate at the maximum budget allowed under Formula 1’s cost cap in 2023.
Last weekend Haas announced a new, multi-year deal with MoneyGram which will include title sponsorship from next year. The team has been without one since the start of this year when it dropped Russian firm Uralkali following the country’s invasion of Ukraine.F1 currently has a annual cap of $140 million on team budgets, and for 2023 that will decrease to $135 million (£116.8m) although inflationary pressures could mean adjustments are made to that figure.
Haas team principal Gunther Steiner said the arrival of MoneyGram “should get us to the cost cap, or at least very close,” in 2023.
“We are in the process now to do the budget for next year, so we’ll see where we get to. But that is saying, to get to the cost cap, we were not far off this year to be honest. So hopefully we are at the cost cap next year.
“You can also spend money outside of the cost cap with having private jets and stuff like this. We are not there yet, but one day we’ll be there.”
The cost cap was introduced in 2021 and initially set at $145 million, with expenses. Three teams have fallen foul of the new rules so far. Aston Martin, Red Bull and Williams were all found to have committed procedural breaches in the submission of their expenditure.
However only Red Bull has been found to have exceeded the spending limit. The FIA stated this was a ‘Minor Financial Overspend’, which the regulations state is a breach of the cap by no more than 5%.
However Steiner thinks the categorisation of overspending should have narrower windows than a minor breach being as high as almost 105% of the cost cap.
“It should be smaller in my opinion,” he said. “If I call it now $140 million budget cap, 5% is $7 million. But in $140 million, you have got certain expenses which you cannot change.
“So these expenses are not $7 million on development, it’s expenses, 5% on the development, it’s a bigger number. The percentage is the same, but it makes a bigger difference. And I think we have to rethink that one when the next Concorde Agreement is written.”
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HK (@me4me)
27th October 2022, 11:19
Good. Less need for a pay-driver then.
Hope they can convince Ricciardo to join them. Or Hulkenberg. Or Drugovich.
Dale
27th October 2022, 16:39
So you’re not a fan of Magnussen then?
Jay
27th October 2022, 20:22
Hulkenberg has raced 4 races since 2020. It boggles the mind that people want him to race next year.
John Platô (@johnplato)
28th October 2022, 0:33
Hulkenberg is history.
Average driver at best. Never managed to do anything impressive in F1, has been on the sidelines for 3 years.
He is done.
Sensord4notbeingafanboi (@peartree)
27th October 2022, 12:56
This is going to backfire.
MacLeod (@macleod)
27th October 2022, 13:09
Just let them pay in frontup@!
bosyber (@bosyber)
27th October 2022, 16:49
@macleod Carbonized, @peartree indeed. I hope this time it works out, but one would think they have learned to be a bit cautious and forward thinking in their relation with new sponsors, right.
Carbonized
27th October 2022, 13:12
Another one of these “shady” sponsor for Haas. When will they learn?
Hausner
27th October 2022, 15:35
MoneyGram is like 40 years old company and present on US stock market. I don’t think it’s similar to Rich energy or Russians
Dale
27th October 2022, 16:41
Suggest you broaden your education a bit more. How old are you?
bernasaurus (@bernasaurus)
27th October 2022, 14:10
to get to the cost cap, we were not far off this year to be honest. Looking at you Mick!
SjaakFoo (@sjaakfoo)
27th October 2022, 15:05
I do wonder how much money Haas lose by not doing things in-house. Surely Dalara isn’t in this for charity, so whatever upmark they’re paying for production of parts compared to other teams is a net negative for Haas.
bernasaurus (@bernasaurus)
27th October 2022, 15:10
@sjaakfoo It certainly save them an absolute ton on start up money – building a factory / wind tunnel et al.
But yeah – guess someone with a bit of time and some data could figure out an exact point it where it crosses over and it would have been cheaper to do it themselves. I suspect it’s in years though.
SjaakFoo (@sjaakfoo)
27th October 2022, 15:27
It doesn’t really matter if it’s cheaper or not in the long run. It matters if it’s in the budget cap or isn’t. Any money send to Dallara is money that Haas can’t spend on R&D. And as we’ve learned from Mercedes and Ferrari, even half a million can get you as much as 2 seconds of laptime easily and makes the difference between running in the midfield or winning a WDC.
SteveR
27th October 2022, 15:37
Really? Half a million is 0.36% of $140 million; you think 2 seconds a lap is that cheap? Dream on.
MacLeod (@macleod)
28th October 2022, 7:52
If you believe Toto and Lewis you can do wonders with that amount money…
I luv chicken
27th October 2022, 16:07
I think that fundamentally, the car works. This input of funds, and fewer repairs from driver damage, could move them up to a place of respectability.
Dale
27th October 2022, 16:42
Makes no difference as long as Steiner is in charge of how it’s wasted.