F1: Budget caps have significantly leveled the playing field

Guenther Steiner said the impact of the budget cap in Formula 1, has helped to level the playing field and given real hope for his Haas team.

Liberty Media lobbied for and got a spending ceiling introduced in 2021 for all teams to abide by.

Speaking on on Speedcafe’s KTM Summer Grill show. Steiner said, “I think it’s very important for Formula 1 that we keep this budget cap somehow managed in a way like it is now because if you look at the championship this year, all the teams scored points, I think by the fifth race, everybody had scored points,” Steiner explained.

“The gap between the first and the last is relatively small. You know, it shows that it works and going forward the gap will go down in my opinion because you cannot outspend anybody anymore.

“Obviously the big teams, they had to make concessions, they had to let people go, they had to change their business model and what they’re doing, but for the small teams, I think I can speak for all of them, this is the best thing what’s happened in the last 50 years of Formula 1.

“We can all be playing on a level playing field, almost, maybe [they can spend] a little bit more but before the budgets of the big teams were two or three times of the small teams, it’s now maybe the big team spend 5 million more.

“Yeah, it’s 5 million, it’s a lot of money in that respect, but in Formula 1, 5 million doesn’t make this big difference like double or triple the amount they are spending.

“So I think it’s a very good thing and you can see the big teams didn’t lose any of their power anyway, you just [saw] everything got closer. But going forward, they need to work hard to keep that advantage.

“So I think for F1 in general it’s a very good thing and for the fans as well because every season [there] could be another team in two, three years going on the podium, which would be fantastic in my opinion, and we are really working hard that this budget cap somehow stays intact like it is now.”