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Haas F1 Team Sale

Haas F1: Committed, Rejects Sale Talks

11/01/2024

Haas F1 Team Remains Steadfast in Formula 1, Dismisses Sale Rumors Despite Increasing Pressure. Haas F1 Team is not on the market, affirms owner Gene Haas.

Amid rising pressure in the paddock and from certain media outlets advocating for Haas to make way for Andretti, should the latter not secure an entry from FOM, the American owner stands resolute.

Haas F1 Team Dismisses Sale Rumors

Despite a disappointing outcome, finishing last in the 2023 championship, Gene Haas is committed to continuing the journey. Having invested hundreds of millions of euros, a return on investment is starting to materialize, justifying a long-term presence.

“I didn’t enter F1 to sell the team,” declared Gene Haas to the official F1 website, following yesterday’s announcement of parting ways with Günther Steiner.

“My reason was to race. Günther shared this vision. We’re not here to just make money; we want to compete. If you look at any team’s history, there are years of success and years of struggle.”

“Surviving is a key to improvement. As long as you can survive, you have another year to prove your worth. It’s a significant shift. Losing Günther will force the team to focus on different areas. I’m hopeful we’ll emerge stronger.”

Haas F1 Challenges Budget Efficiency Myth

Nevertheless, Haas regularly faces criticism for its economic-driven model. With the smallest budget on the grid, the team progresses through its suppliers and partners, with minimal in-house development. This approach might no longer be sustainable in today’s competitive Formula 1.

“There’s a perception that we spend far less; we’re usually within $10 million of the budget cap,” counters Haas.

“I think the issue is that we’re not spending this money effectively. Many teams have already invested in their infrastructure, buildings, equipment, and staff. Our model was to outsource much of this. We’re spending a lot. We haven’t exceeded the cap, but we’re very close to it. I just don’t believe we’re managing to spend this money in the most efficient way possible.”

“This is one of the reasons we’ve survived: because we’re very conscious of how we spend our money. Being efficient in our operations will ensure our survival in this series. We’re one of the longest-surviving teams, whereas other new teams have tended to spend all their money in the first few years and then go bankrupt.”

“We’ve made it through eight years and we’re not in a position where we’re going to close shop. And I certainly want to be able to survive for the next ten years.”

Haas F1 Seeks Growth, Shuns Investors

Gene Haas acknowledges the need to attract more sponsors to increase the budget.

“We need to improve our results. It’s easier to retain and attract sponsors if we’re a mid-field team rather than at the bottom. That’s my perspective on it. At the same time, if we can race a bit faster, we’ll earn more money from FOM, which will make life a bit easier.”

“It’s really about making progress. We have a great team, excellent engines, and very good drivers. There’s no reason for us to be 10th. I can’t understand how we can be in this position with all the equipment and people we have.”

Gene Haas reveals that he has declined an approach adopted by Alpine F1: selling a portion of the team to multiple investors seeking returns.

“External investors have approached us. They expect a 15% return each year. Show me a 15% return, and I have a few hundred million dollars for you! They have high expectations, and all sorts of rules.”

“They want to buy you out, and five years later, they expect a profit of $100 million. Frankly, I don’t need that kind of oversight from people coming in with $200 million (like Alpine) – it’s not enough to persuade me.”

Haas F1 Team Sale Rumors. Haas F1 Team Sale Rumors

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