F1 News: Gene Haas Reveals Team Concerns - "Pretty Darn Close To Cost Cap"
Gene Haas, the owner of the Haas F1 team, revealed that his team nearly exceeded the cost cap limit, challenging the common perception that the team operates on a limited budget. He emphasized the need for the team to remain conscious of its expenditure and spend money more effectively.
The company founder feels that the team isn't spending its money wisely, and thus, it came quite close to breaching the limit. Displaying his willingness to remain in Formula 1 for many years to come, he called for better financial management to stay afloat in a competitive arena.
Haas F1 Press Image
Speaking to Formula1.com, he said:
“There is a perception we spend a lot less money; we’re usually within $10m of the budget limit.
“I just think we don’t do a very good job of spending that money. A lot of teams have had previous investments in their infrastructure, buildings, equipment and personnel.
"Our model was to outsource a lot of that. We spend a lot of money. We haven’t exceeded the cap but we’re pretty darn close to it. I just don’t think we’re doing a very good job of spending it in the most effective way.
“That’s one of the reasons we have survived – because we are so conscious of how we spend money.
“Being efficient at what we do is going to make sure we survive in this series. We’re one of the longest surviving teams, everyone else [other new teams] have had the tendency to spend all their money in the first few years and then they go out of business.
“We survived for eight years, and we’re not in a situation where we are going to go out of business. But I certainly want to be able to survive for the next 10 years.”
The cost cap, implemented in 2021, serves as a restriction on the amount of money a team can expend on the development of its car. Its primary objective is to uphold fair play among teams, regardless of their size or financial stature.
