Haas team princi🌺pal Guenther Steiner says Gene Haas’ belief in Formula 1’s future direction and major upcoming rule changes were vital to committing to the sport.

The future of the US-based outfit had been in question after recent struggl🐭es but Haas signed the new Concorde Agreement in a commitment to F1 until at least 2025.

Team owner Gene Haas had publicly stated concerns over its performance on numerous occasions since it joined the grid in 2016. Haas claimed a strong fifth place in 2018 before falling down to P9 in the 2019 constructors’ championship - a position it remains🦹 in this season.

Despite doubts over the team’s future, Haas joined F1’s oth𝔍💜er nine teams in committing to the sport by signing the new Concorde Agreement last week.

“I guess Gene looked at it and Formula 1’s still a very goo🅠d tool for getting his brand name, Haas Automation, out in the world,” saidℱ Steiner.

“It works – otherwise he would๊n’t be doing it. He loves the sport as well.

“Even if it is a big financial commitment, with𓆏 the new regulations coming in, it should make the playing field more even and the com𒁏mercial aspects better for the smaller teams – so as a result he has decided to continue.

“For me, it mea🍌ns – even at the moment when we’re not running competitively, we’ve got a Formula 1 team which works, and that’s more d🅘own to the team than to me.

“I’m part of the team though, we all work together, and in the end, Gene believes in the team. Everybody is, for sure, happy to be moving forward now with 𒆙the agreeme🐎nt signed.”

As part of the incoming regulation overhaul, F1 has agreed to reduce the budget cap that will come in for 2021 to $145, wit♓h a further decrease to $135 fo🐻r 2023.

Steiner is optimistic the budget cap w🥀ill have the desired effect of helping to level the 🥀playing field and create a more competitive environment.

“The budgeꦡt cap should level the playing field, it will level the playing field,” Steiner explained.

“Maybe not in the first year, but in the mid-term for sure. The payments, to make it more equal, will a🎉lso mean the smaller teams get a little more revenue.

“It’s🦩 never enough for the small teams, by the way, but it levels the field and that should be the aim of a sport – any day, anybody can win. It’ll take a while un🔯til that happens but for Formula 1 it’s a big step in the right direction.

“Times change a🎀nd I think Liberty did a great job in adapting to those times and making changes when it was needed. It was needed a few years ago, but it’s better late than never.”