So this strategy, along with a new approach which includes a driver line-up with financial backing, consisting of Nikita Mazepin and Mick Schumacher, means Haas are now actually “very financially stable”.Īnd so they signed up to the new Concorde Agreement. So instead of us having a budget of $150million, it went down to like $80million and a lot of that… $35 million came from FOM and then more from sponsorship, so we actually did pretty good.”Ĭheck out the new 2021 collection on the official Formula 1 store! We got a big saving there which was really helpful.
“The most expensive part of going to races is usually freight and travel, so we shut a lot of that down almost immediately. So we immediately shut down the spending monster of spending huge amounts of money, mainly because we wouldn’t be going to races. Early on as a group we took the viewpoint that this COVID thing would be a bigger lockdown than when people said it would just be a few months and then go away. “Sometimes survival is a racing strategy, just trying to survive,” said Haas in an interview with RACER. McLaren were forced to take loans and look to sell and lease back their Technology Centre to stabilise the company, although they were able to secure a strong budget for their Formula 1 outfit through a partial sale of the team, while the Williams family sold their team to Dorilton Capital.įormula 1 itself posted record losses for 2020.
The global pandemic caused the 2020 Formula 1 season to be delayed and although the FIA enforced a shutdown of the team’s factories, several constructors still ran into difficulties. F1 team owner Gene Haas has said the new strategy for his outfit means they are “very financially stable”.
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