After what has been a difficult year for everybody, also in the world of Formula 1, the team owner Gene Haas has said that the American team is in stable financial conditions.
The beginning of the 2020 Formula 1 season was delayed due to the COVID-19 pandemic. This was an extremely difficult problem for almost every team on the grid.
The income of the teams comes mainly from the races and from the points they score, which means that if the events get canceled and no one is allowed to race, the teams do not receive money, which is pretty important in Formula 1.
The costs for the logistics, the development of the car, the personnel, and many other things that all together build a Formula 1 team are extremely high. Therefore, without the income expected, it is not easy to go on and financially maintain an entire team.
However, Gene Haas thinks that his team has managed the situation very well and he has also stated that Haas “actually did pretty good” financially in 2020. Plus, he adds that the American team has been able to “lean everything down” to reduce costs due to the pandemic.
“Sometimes survival is a racing strategy, just trying to survive,” Haas told RACER.
“When we got in the middle of the global pandemic last year, Guenther [Steiner, team principal] and I agreed on ‘okay, how much money do we want to spend on this?’ I set a very lean budget. So we leaned everything down and came up with a figure I was comfortable with, and Guenther agreed he could work within that.”
Finally, this new strategy and the fact that Haas’ new drivers can bring money into the team and help it financially wise, help the American team do well in terms of resources: “We changed our focus a little bit, we do have some well-backed drivers and I think from a financial standpoint we are very stable.”