Formula 1 not only avoided losing a few of its smaller teams by cutting the budget cap but will also be “more interesting” to manufacturers.
That’s the opinion of Haas team boss Guenther Steiner.
Last week Formula 1 confirmed that all the teams had agreed to reduce the budget for the 2021 season, lowering it to $145 million.
That will be further cut in 2022 and again in 2023.
Steiner says that decision has perhaps saved a few teams.
“I think some of the small teams would have gone [without a budget cap], and that wouldn’t have helped the big teams as well,” he told Sky F1.
“I think it’s a fair compromise. They realised that, and made some cuttings as far as they could go, and the compromise came out.
“I think for sure that they are aware that without the smaller teams, there is no sport.”
Instead the Haas team boss reckons Formula 1 will now become “more interesting” to newcomers and could even persaude other manufacturers to enter the sport.
“It’s a lot more interesting now,” he added.
“We need to push more that we can make this a break-even business at least going forward.
“That’s one of my jobs to do for Mr. Haas, trying to get this to a point where his investments are smaller.
“For teams coming in, when a budget cap is discussed, there are always some people out there which think they can make money with it. It’s still a very expensive sport.
“You still need to invest a lot of money to get somewhere.
“I think what the good thing is for the manufacturers, if a board of directors see there is a cap, they know how much they’re going to spend as a maximum.
“You [don’t] start with one number and after five years this number has tripled or quadrupled from what you said a few years before.
“Now there is a stake in the ground saying this is the maximum you are allowed to spend by regulation.
“It’s pretty clear cut now. Whereas before, it was always how much is a piece of string, how much do you want to invest.
“I think it’s a good thing, and hopefully gets corporates or car manufacturers to invest in Formula 1.”