Haas not only have struggled with a relatively slower car in recent seasons but also with their finances. When it comes to their finances, the American team stands nowhere when compared to the top teams like Red Bull, Mercedes, and Ferrari. Now, The Race, in their analysis revealed that Guenther Steiner and Haas needs to invest at least $50-100 million to make the maximum use of their billion-dollar opportunity in F1.
The billion-dollar opportunity comes from the massive influx of fans in the sport both from the United States and worldwide thanks to Netflix’s Drive to Survive. Currently, the net worth of the Haas F1 team stands at $780 million and they stand ninth out of ten teams, only ahead of Williams.
Therefore, in some years the team might reach the billion-dollar mark in terms of their valuation. However, for that, Guenther Steiner and Gene Haas need to keep money flowing in the team.
While there are talks about Haas reaching the billion-dollar mark, back in 2020, Gene Haas even contemplated leaving the sport due to poor performances and funding. Notably, this was right before the COVID-19 pandemic hit.
Despite this, Haas continued to hold on with the partnerships of Uralkali and then Moneygram, and continued to compete in F1. Nevertheless, the American team is still in need of a boost in their operations which might hinder their growth in the future.
Can Haas overcome their financial struggles?
The Haas F1 team has one of the most complicated operations among every team in F1 and it is neither cost-effective nor easy for the crew. Apart from having three different bases for three different needs, the American team‘s financial trouble tops everything.
They take their engines from Ferrari in Italy, have their headquarters in Kannapolis in the United States, and have developmental facilities in Banbury, United Kingdom. All of these make the whole operation tougher since the teams are already fatigued by traveling to 22-24 different destinations throughout the year.
Therefore, The Race believes that the Haas F1 team should be sold. The report states that since there are several parties that are keen on joining the sport, teams like Haas are likely to get several offers. However, in case if the management does not decide to sell Haas, the team can use the budget cap to their advantage to become more competitive.
