Steiner expecting all teams to hit budget cap in 2023

Haas F1 Team principal Guenther Steiner is expecting all ten teams on te Formula 1 grid to hit the sport's budget cap in 20-23.

The spending cap on team budgets was introduced last season, and forced many of the top teams to rein in their development in order not to overspend.

Red Bull was one of the only teams to go over, and received a substantial fine and a drop in their aerodynamic testing allocation as a result.

Meanwhile smaller teams didn't have the financial resources to come close to their permitted spending level - but Steiner expects that to change next year.

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Haas basically went on sabbatical in 2020 and carried out little car development work for 2021 ahead of this year's rules and regulations changes.

“In 2020 we shut everything down," he confirmed. "In 2021 we started to build the car for 2022, but when we started it was January and you can’t have a team of people working perfectly and in harmony from day one."

“It took a bit of time, but at the beginning of the year we were still pretty strong," he added.

Unfortunately the team's development plans were also hampered by the loss of their Russian sponsor Uralkali before the season started, leaving team owner Gene Haas carrying much of the financial burden.

“I think we didn’t perform like other teams. It wasn’t because of the money this year, but more because of when we started.

"Something was missing a little bit," Steiner acknowledged. "It was up and down, but F1 is just a difficult place. I think we found out why it went the way it did."

With a new title sponsor - Moneygram - on-board for 2023, Steiner says he expects Haas to be spending close to the same $135 million cost cap as the big teams like Ferrari and Mercedes.

“Next year we will reach the budget limit and I am pretty confident that we can take the next step, technically and as a team," Steiner stated.

“Now we can do what other teams can do,” he added. “I think not only us, but everyone else will hit the budget limit next year.

“Then it’s not about the money, it’s about the talent. And hopefully we have enough talent to move forward.”

Steiner admitted recently that without the cost cap stopping runaway development spending at their rivals, Haas likely wouldn't have survived.

“In 2020 without that we couldn't have done it. Without the cap coming in, it would not have worked," he acknowledged. “It's the best thing that’s happened to Formula 1.

“But if you reflect on it, it took us so long," he pointed out, crediting Liberty's Chase Carey and the FIA's Jean Todt for getting it done. "This was suggested a long time ago, and fair play to whoever was there."

The Moneygram deal was confirmed this week on the FIA's finalised full entry list of teams and drivers for 2023, and should provide the squad with much-needed financial stability moving forward.

Prior to their sponsorship tie-up with Uralkali - which was terminated after Russia's military invasion of Ukraine in February, along with the contract of driver Nikita Mazepin - the team had an ill-fated tie-up with sports drink company Rich Energy.

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