Haas team boss Günther Steiner believes that there has “never been a better time than now” for an F1 team to earn money.
In the history of F1, the sport has been littered with teams that have been forced out of business because they have not been able to keep up with the spend-spend-spend culture to compete.
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This model has disappeared as Formula 1 is finally regulated by a budget cap, while it has grown in popularity as new media markets opened up under the control of Liberty Media, which former Colonel Bernie Ecclestone neglected.
The burgeoning Formula 1 prompted Mercedes team boss Toto Wolff to recently claim that every team was on the verge of making a profit.
McLaren CEO Zak Brown even went a step further, suggesting that teams “can definitely be worth billions in five years.”
Regarding the remarks, Steiner said: “In history [of F1] that I know that I’ve been involved in in racing, I think this is the best time.
“I would agree with Toto that if you do a good job here, the goal of our business should be to make a profit, that’s why you do business.
“I think there has never been a better time to do this than now, and there is never any higher value than now for a team. I see that as positive.”
Liberty Media certainly left an impression upon their arrival that was initially frowned upon given Ecclestone’s influence on the sport.
But under Chase Carey and now the former Ferrari team boss Stefano Domenicali, the sport has changed.
“I’d say Liberty Media has been really pushing the business side since it was acquired,” Steiner added.
“They know that a profitable business is here to stay because to a company that loses money after a while, I always say, you run out of money or you run out of passion, either, so you quit .
“Then you get in [the other] Teams aren’t worth a lot of money, but I think it’s a very good time for all teams right now. “
The post “Never a better time than now for an F1 team to make money” – Haas boss Steiner first appeared on monter-une-startup.
