Income from new title sponsor will bring Haas up to cost cap level – Steiner

2022 United States Grand Prix

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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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2022 United States Grand Prix

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Ida Wood
Often found in junior single-seater paddocks around Europe doing journalism and television commentary, or dabbling in teaching Photography back in the UK. Currently based...
RJ O'Connell
Motorsport has been a lifelong interest for RJ, both virtual and ‘in the carbon’, since childhood. RJ picked up motorsports writing as a hobby...

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18 comments on “Income from new title sponsor will bring Haas up to cost cap level – Steiner”

  1. Good. Less need for a pay-driver then.
    Hope they can convince Ricciardo to join them. Or Hulkenberg. Or Drugovich.

    1. So you’re not a fan of Magnussen then?

    2. Hulkenberg has raced 4 races since 2020. It boggles the mind that people want him to race next year.

    3. 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.

  2. This is going to backfire.

  3. Just let them pay in frontup@!

    1. @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.

  4. Another one of these “shady” sponsor for Haas. When will they learn?

    1. 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

    2. Suggest you broaden your education a bit more. How old are you?

  5. to get to the cost cap, we were not far off this year to be honest. Looking at you Mick!

  6. 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.

    1. @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.

      1. 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.

        1. even half a million can get you as much as 2 seconds of laptime easily

          Really? Half a million is 0.36% of $140 million; you think 2 seconds a lap is that cheap? Dream on.

          1. If you believe Toto and Lewis you can do wonders with that amount money…

  7. 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.

  8. Makes no difference as long as Steiner is in charge of how it’s wasted.

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