A new budget cap gave small teams a reason to stay in Formula 1. They're thinking much bigger
for 2021, set at $145 million this season in the wake of the pandemic and dropping to $135 million by 2023. That is forcing huge cuts at F1’s three biggest teams—Mercedes, Ferrari and Red Bull Racing—whose spending had soared past $400 million a year apiece, with more than a thousand employees at each team.
“If you have no chance, why would you do it? Knowing going into the competition, knowing that you will be last doesn’t make sense. It would be madness.”The problem for the smaller teams was twofold. First, while they could cover the basic costs of competing like tires, fuel and team travel, they had limited cash to devote to designing and testing their cars or to hiring problem-solving engineers.
“If you have no chance, why would you do it?” says Steiner, who acknowledges that the possibility of luring Russian fertilizer company Uralkali as a sponsor was a factor in Haas’ decision last year to sign the driver Nikita Mazepin, whose father runs it. “Knowing going into the competition, knowing that you will be last doesn’t make sense. It would be madness.
Aston Martin drivers Sebastian Vettel, right, and Lance Stroll on July 15 at the unveiling of the prototype for the 2022 F1 season.This isn’t to say that the playing field has been entirely leveled. Certain costs—for things like, engines and marketing—are excluded from the budget cap, and Szafnauer estimates that, accounting for those uncapped items, the leading teams’ budgets will probably be about $100 million higher than the official cap figure.
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