Steiner makes Haas budget cap confession

Additional reporting by Ewan Gale

Guenther Steiner has confirmed Haas would not be in F1 today without the introduction of the budget cap.

The sport ushered in new financial regulations for 2021 that stipulated a set amount of money each team could spend per season.

The initial $145million limit was reduced by $5m for the past campaign, with the figure dropping to £135m for the next three years.

The cap has been lauded as a game-changer since being introduced, giving smaller, independent teams the opportunity to at least perform on a level financial playing field alongside the big-hitting manufacturers.

It has also moved to end the quick demise of new teams after the loss of HRT, Manor [which had evolved from Marussia and Virgin] and Caterham in the 2010s.

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Asked whether Haas would be at risk of collapse without the budget cap, speaking to GPFans in an end-of-season interview, Steiner said: “We wouldn't be here anymore already, not going under.

“In 2020, without that, we couldn't have done it. Without the cap coming in, it would not have worked.

“It's the best thing that’s happened to Formula 1.

“But if you reflect on it, it took us so long [to implement]. This was suggested a long time ago, and fair play to whoever was there.

"It was Jean [Todt, former FIA president] and Chase [Carey, former F1 CEO] who pushed it through.”