According to Günther Steiner, thanks to the new title sponsor “MoneyGram”, Haas will be able to operate at the level of the Formula 1 budget ceiling from 2023, which will be $138.6 million in the coming year plus a possible inflation surcharge.
Haas announced Thursday ahead of the United States Grand Prix that it has inked a deal with American payments company MoneyGram, which will be the team’s title sponsor starting next year.
The multi-year agreement is an important step for Haas after the team canceled the deal with former title sponsor Uralkali in February following Russia’s invasion of Ukraine. The team always stressed that the loss of Uralkali would have no impact on the team’s operations, but they remain interested in finding a new partner for the future.
Steiner: Can now reach the budget limit
Haas has traditionally been one of the smallest teams since entering Formula 1 in 2016 and is under the current budget limit of $145.6 million. But after the announcement, team boss Steiner emphasized that the deal with MoneyGram now offers the opportunity to reach the budget limit and invest on an equal footing with the other teams.
“With this agreement, we can reach the budget ceiling, and then everyone is on a similar platform,” says Steiner. “The big teams could of course spend even more money if they exceed the budget ceiling.”
“But I always say that with the budget cap there shouldn’t be a problem in the medium to long term that you can’t fight for podiums. And that’s what we want to do.”
“I think that with this agreement we are taking the step that in a couple of years we can be fighting for podiums. I promise [das] not for next year because we’ve just come back from two years that were very bad for us and we’ve recovered pretty well and we’ll keep improving.”
Steiner: Now it’s up to us alone
Haas was unable to score any points in a difficult 2021 season, in which the team aligned all development to the new regulations. The team then made a strong start to the 2022 season, finishing fifth in Bahrain thanks to Kevin Magnussen. Since then, however, they have slipped into the lower midfield and are currently in eighth place in the championship, tied with AlphaTauri in ninth place.
Steiner emphasizes that it “takes time” for Haas to fully benefit from the cost cap, but describes the contract as “the step to the next level for Haas F1 where we can really compete with others at the same level.”
He adds: “Now it’s up to us to do a good job. As you know, I’ve never been afraid to work hard or ask the team to work hard to achieve certain things. We will keep doing it while I’m here.”