Haas will exploit $135 Million budget cap with new multi-year sponsorship deal with Moneygram from 2023

Haas has signed a multi-year title sponsorship deal with USA-based payments company Moneygram from the 2023 season.

Haas F1 team’s previous title sponsorship deals have usually ended in controversial circumstances but it seems like the team has finally found a rock-solid partner.

The team announced a multi-year title sponsorship deal with peer-to-peer money transfer and payments company Moneygram. The deal will help the American team to finally be able to run the races by exploiting the allowed budget cap.

For the past two seasons, Haas has been operating below the cost cap due to financial restraints. Now, the deal which will commence from the 2023 season will help the team use the next year’s budget cap of $135 Million to its entirety and be able to fight for the top of the grid.

Along with the financial backing, the team will also see a change in its official name and a new livery for the 2023 season.

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How the deal will help Haas compete with its rivals?

Haas has produced some impressive seasons in F1 since coming into the sport in 2016. The team’s best performance came in the 2018 season when it secured P5 in the constructors’ championship. However, Haas is yet to finish higher than P4 in a Grand Prix.

With financial help from Moneygram, the team will be able to achieve that by operating at the top level of the sport.

Haas’ boss Guenther Steiner said that reaching the budget cap is important because then everybody is competing at the same level. Being able to utilise the resources from exploiting the budget cap will allow the teams to fight for podiums.

While many teams have already exhausted or are about to exhaust their cost cap limit, Haas, Williams and Alfa Romeo are running below.

Along with Haas, Sauber-run Alfa Romeo and Williams F1 teams are also hoping to max out the budget cap and fight for the podiums and wins.

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Who will drive for the American team in 2023?

Haas is yet to announce its driver lineup for the 2023 season. While Kevin Magnussen has a multi-year contract with the team, Mick Schumacher’s deal ends at the end of the 2022 season.

The team has not initiated any talks of extending the contract with the German driver saying that Schumacher costs the team a fortune through damages. Steiner also said that Schumacher needs to bring points to the teams for his future with F1.

Haas has shown interest in Aston Martin’s reserve driver Nico Hulkenberg and recently also asked Daniel Ricciardo to come knocking if he wants a seat.

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