The Covid-19 pandemic showed Formula 1’s budget cap should have been agreed years earlier, says Haas team principal Guenther Steiner.
“What I hope to take out of this pandemic this year is we need to have a little bit of a margin, a safety net,” he said. “We didn’t have anything. We just ran into it.”
He praised F1’s response, which has included lowering the new-for-2021 budget cap from $175 million to $145 million and introducing other rules changes intended to cut costs.
“The good thing is nobody panicked,” said Steiner. “I think how it is done now at least everybody’s thinking about how to do things right.”
“I think how they reacted, it’s not in panic. It’s like ‘OK, this is not sustainable now because we learned as soon as anything happens there is not enough reserve fuel in the tank’.
“So it’s always too late, for sure the budget cap should have been done a few years before, and it was suggested. But I hope we can get out of this that we are not ending up in this position again and that we learn out of this and [have] a little bit of reserve fuel in the tank.
“Because it can happen any days. It can happen again. So I hope we learn out of it and going forward we are not in this position any more”
Has the pandemic put two of Formula 1’s most historic teams in jeopardy? Read Dieter Rencken’s analysis in today’s RacingLines column on RaceFans
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2020 F1 season
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- Bottas vs Rosberg: Hamilton’s Mercedes team mates compared after 78 races each
- F1 revenues fell by $877 million in Covid-struck 2020 season
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- F1 audience figures “strong” in 2020 despite dip in television viewers