How much will Haas earn from its new sponsorship deal? American team set to hit F1 budget cap

Haas recently announced their partnership with MoneyGram International for the 2023 F1 season. This comes after the team struggled to find a sponsor in the past couple of seasons.

Team principal Guenther Steiner earlier revealed that the latest deal will help them touch the budget cap and will help them compete with the development of other teams. According to RacingNews365, the team will be provided with $20 million per season for the upcoming three seasons, making for a total of $60 million by 2025.

Haas have faced quite a lot of financial troubles ever since they became a part of F1 in 2016. They are one of the very few American teams that have ever stepped into the sport.

Although they were a satisfactory mid-field team initially, their performance has gone below the expectations of many of their sponsors. This was a reason for worry for the team.

Before the 2021 season, they had absolutely no sponsors, but the Russian company Uralkali supported them. Following the political turmoil before the season started, they decided to end their terms with the company and ran the 2022 car with almost no major sponsor.

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Hopes rise at Haas with the major deal with MoneyGram

As mentioned before, Haas will be able to develop faster and be competitive with other teams on the grid with the recent influx of finances. What has affected the team this season is their R&D in comparison to other teams. The car was amazingly powerful when the season started, but with upgrades from other teams, they have once again started moving to the back of the grid.

It was evidently difficult for them to develop without a major sponsor, but now hopes are rising again. Guenther Steiner previously revealed that the team will try to have more and more sponsors from the US for themselves, given they are the only American team on the grid as of now.

Until last season, they were only battling Alfa Romeo but lost terribly after ending up with zero points throughout. This year, however, with Kevin Magnussen in the seat, they've had Williams and Aston Martin, too, with Alfa Romeo to compete with.

Haas are now looking forward to working with their new sponsors and building a better car. This can also help them grow their network for other sponsors to come in. The team is serious for next season and evidently, there have been reports of them replacing Mick Schumacher following his lack of performance compared to his teammate. There have, however, been no official statements and the German has improved ever so slightly in past races.