F1 News: Haas hit the jackpot with new seven-figure sponsorship
Haas F1 Team recently announced MoneyGram as its new title sponsor for the 2023 season, confirming a multi-year deal with the American company.
Since joining Formula 1 in 2016, Haas's financial struggles have been well-documented, with the US team failing to match the expenditure of rival teams.
The introduction of the budget cap has benefited Haas, but the team has still lacked the funds to maximise its spending and reach the cap since its introduction.
Guenther Steiner confirmed after the announcement of Haas's partnership with MoneyGram that the team will be able to reach the budget cap with this new financial support.
However, new details have emerged regarding the true extent of the financial injection Haas will receive.
According to racingnews365, Haas will receive an estimated $20 million per season from MoneyGram over three years.
The partnership's success will determine whether this sponsorship continues beyond three years, but this agreement will be very lucrative for Haas regardless.
After a series of quite embarrassing sponsorship deals (Rich Energy, Uralkali), Haas looks to have secured a much-needed partner for the foreseeable future.
Considering that Haas is now a competitive outfit in F1's midfield, there can be little doubt that many sponsors will look to collaborate and work with the team moving forward.
Whilst Haas could have certainly done a better job at securing sponsors previously, there is now little excuse not to capitalise on the abundance of available opportunities.
The last few years have also seen Formula 1 experience significant growth in the American market, which will surely aid Haas in its quest to acquire new partners.
Guenther Steiner has already mentioned that Haas intends to focus on working with more US sponsors in the future, something the team has been hesitant to prioritise in previous seasons.
The team principal even commented that MoneyGram being an American company, contributed to its eventual selection as Haas's title sponsor.
With Ferrari no longer influencing Haas's driver lineup, the team is becoming increasingly independent in Formula 1.