Haas F1 Team boss Guenther Steiner says Grand Prix racing's new Concorde Agreement represents a "proper commitment" from Formula 1 that adds value to the sport's smaller teams.

After a long gestation and countless hours of talks and negotiations between F1, the FIA and teams, the crucial covenant that binds the latter to the sport until the end of 2025 was finally signed by all parties this week.

A change in prize distribution was perhaps the most important factor in keeping the sport's smaller teams onboard and in business.

• Steiner unsure Hulkenberg interested in Haas for 2021

Haas' own fate in F1 - attached to founder Gene Haas' acceptance or not of the new deal - appeared at times to be hanging by a thread, as financial provisions were accepted or rejected by the engaging parties.

However, Steiner is happy with the final compromise that rose to the surface.

"It’s a proper commitment," Steiner told Racer.com. "You cannot just keep on going, thinking ‘maybe, maybe not’.

"Okay, we are struggling at the moment but we know why. We just need to build it up."

All ten F1 teams are expecting a challenging 2021 as commercial rights holder Liberty Media steers the ship back on course - hopefully - in the wake of the COVID-19 pandemic.

"Next year might be difficult as well, but what FOM has done is very good," Steiner admitted "At least there is value in the team.

"The prizemoney is also more fairly distributed than before, so you have a chance – if you do a good job – to almost call it a business!

"The first thing in a business is you don’t lose money, then you make money. That’s how it should be for everybody. That’s what Gene sees, so I think this is a big step.

"Without all of these changes I don’t think we would have been here for the future. It’s so difficult – the playing field was so different for the big teams compared to the small ones.

"But now with these new regulations, the budget cap, the redistribution of the prize money... if somebody wants to enter new (paying a) fee, then you get some value out of it."

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