F1 can react quickly if further cost cuts needed - Steiner

Haas Formula 1 team boss Gunther Steiner says that the sport is prepared to react quickly if further cost-cutting measures are needed in 2021.

F1 can react quickly if further cost cuts needed - Steiner

During last year's spring shutdown, F1 took a series of emergency measures, including postponing the new regulations by a year, freezing chassis components for 2021, and lowering the budget cap.

Steiner believes that 2021 already looks a lot better financially, with F1 planning a 23-race calendar and spectators expected at the majority of races.

He remains hopeful that with improved revenue streams no emergency changes will be required.

"There's no point to bandage your head yet if it isn't broken," Steiner told Motorsport.com.

"I think we have to wait a little bit and see what is actually going to happen. It didn't actually take long last year, and then you know what hit the fan – and there were big changes, and it was done very quickly.

"I think everyone is prepared for doing a step, if it's needed. It doesn't look like it's needed, so let's stay optimistic, but if it's needed we learned a lot last year, that we needed to react quickly, to get out in a good position.

"If you think about it last year was the year the pandemic hit, the Concorde needed to be signed, and everything was done, we still have 10 teams here. Nobody baled out or was forced to bale out."

Read Also:

Steiner says that the new Concorde Agreement and the budget cap have transformed the prospects for the smaller teams.

"Absolutely, I said a few times, without the new Concorde, without the new distribution model, I don't think that we would still be here.

"The big teams have maybe more fixed costs than we have got, because we are a pretty small team.

"We are not completely at the budget cap, but before they had 100% more. Now they've got maybe 10% more, which makes it close.

"We still need to do a good job, and straight away they have so much more resource just rolling into the budget cap. They still have an advantage.

"But I hope in a short time, it will level the playing field. That would already be fantastic."

shares
comments

Related video

WADA looking into Haas F1 livery after Russian flag ban

Previous article

WADA looking into Haas F1 livery after Russian flag ban

Next article

Hamilton on F1 contract talk distractions: "Not my first rodeo"

Hamilton on F1 contract talk distractions: "Not my first rodeo"
Load comments

About this article

Series Formula 1
Teams Haas F1 Team
Author Adam Cooper
The back-bedroom world-beater that began a new F1 era Prime

The back-bedroom world-beater that began a new F1 era

The first in a line of world beaters was designed in a back bedroom and then constructed in a shed. STUART CODLING recalls the Tyrrell 001

Why Mercedes isn't confident it's really ahead of Red Bull at Imola Prime

Why Mercedes isn't confident it's really ahead of Red Bull at Imola

While Mercedes struck back against Red Bull by topping the times at Imola on Friday ahead of the Emilia Romagna Grand Prix, the overall picture remains incredibly close. Despite having a possible edge this weekend, the reigning Formula 1 world champion squad is not taking anything for granted...

Formula 1
Apr 16, 2021
What Mercedes must do to keep its F1 title challenge on track Prime

What Mercedes must do to keep its F1 title challenge on track

Mercedes may find itself leading the drivers' and constructors' standings after Lewis Hamilton's victory in the Bahrain Grand Prix, but it is well aware that it came against the odds, with Red Bull clearly ahead. Here's what the Brackley team must do to avoid its crown slipping .

Formula 1
Apr 16, 2021
The double whammy that is defining Vettel’s F1 fate Prime

The double whammy that is defining Vettel’s F1 fate

It's been a tough start to Sebastian Vettel's Aston Martin F1 career, with a lack of pre-season testing mileage followed by an incident-packed Bahrain GP. But two key underlying factors mean a turnaround is no guarantee.

Formula 1
Apr 14, 2021
The themes to watch in F1's Imola return Prime

The themes to watch in F1's Imola return

Three weeks is a long time in Formula 1, but in the reshaped start to the 2021 season the teams head to Imola to pick things up after the frenetic Bahrain opener. Here's what to look out for and the developments to follow at the Emilia Romagna Grand Prix

Formula 1
Apr 13, 2021
The 'new' F1 drivers who need to improve at Imola Prime

The 'new' F1 drivers who need to improve at Imola

After a pandemic-hit winter of seat-swapping, F1 kicked off its season with several new faces in town, other drivers adapting to new environments, and one making a much-anticipated comeback. Ben Anderson looks at who made the most of their opportunity and who needs to try harder…

Formula 1
Apr 12, 2021
The delay that quashed Aston Martin’s last F1 venture Prime

The delay that quashed Aston Martin’s last F1 venture

Aston Martin’s only previous foray into Formula 1 in the late 1950s was a short-lived and unsuccessful affair. But it could have been so different, says Nigel Roebuck.

Formula 1
Apr 10, 2021
Verstappen exclusive: Why lack of titles won't hurt Red Bull's ace Prime

Verstappen exclusive: Why lack of titles won't hurt Red Bull's ace

Max Verstappen’s star quality in Formula 1 is clear. Now equipped with a Red Bull car that is, right now, the world title favourite and the experience to support his talent, could 2021 be the Dutchman’s year to topple the dominant force of Lewis Hamilton and Mercedes?

Formula 1
Apr 9, 2021