Steiner: Budget cap is 'stake in the ground' for new manufacturers

Haas team boss Guenther Steiner says the formal introduction of a budget cap in F1 next season is "a stake in the ground" for potential manufacturers interested in joining the sport in the future.

Formula 1 chiefs, the FIA and the teams have agreed to the implementation of cost cap measures from 2021, with a limit set at $145 million for next year - a $30 million reduction from the initial decided level - and a glide path threshold that will bring the cap down to $135 million by 2023.

The sport's economics has failed to attract new teams or manufacturers since Haas entered Grand Prix racing in 2016, although Panthera Team Asia is planning to join the fray in 2022.

• Formula 1 set for five-year sliding-scale budget cap

Steiner believes that a clear-cut and legal limit on spending could incite new manufacturers to join the grid.

"For teams coming in, when a budget cap is discussed, there are always people who think they can make money out of it," Steiner told Sky F1.

"You still need to invest a lot of money to get somewhere, but I hope manufacturers see it and the good thing for them is if a board of directors see that there is a cap they know how much they will spend as a maximum.

"It’s not like you start with one number and after five years this number has tripled or quadrupled."

For Steiner, the ability for a company to accurately project its investment represents an undeniable facilitator.

"Now there is a stake in the ground saying ‘this is the maximum you are allowed to spend, do we do this or not," said the Italian.

"It is pretty clear cut now, while before it was how long is a piece of string, how much do you want to invest?

"I think it’s a good thing, I hope we get big corporates, or car manufacturers would be best, to invest in F1."

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