Gene Haas: 'Formula 1 income must not be socialism'

Haas: 'F1 income must not be socialism'
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F1 must be "very careful" as it moves to shake up the income distribution model in the near future, warns Gene Haas.

Formula 1 must be "very careful" as it moves to shake up the income distribution model in the near future, according to Gene Haas, the American billionaire owner of the small Ferrari-linked American team.

Having ousted Bernie Ecclestone after the Liberty Media takeover, new F1 CEO Chase Carey has said that he wants to start again once the current Concorde Agreements expire in 2020.

"As far as I can see, they're doing everything right," Haas is quoted as saying by Speed Week.

"They seem to have a lot of ideas, and a lot of them are very positive - like easing the rules for video clips on the web."

Yet he said that F1 must be "careful" when it comes to redistributing the sport's vast income, amid calls from some of the other small teams for a more equal slice of the cake.

"As the newcomers, every additional sum for us is very welcome," said Haas.

"But I do think we have to be very careful. There are some teams at the top who have been there for 50 years and therefore have a right to a larger share of the revenues.

"I'm not saying that the teams at the end of the field have not earned more money, but it's just like the top drivers who rightly earn more for winning. We must not degenerate into socialism."

Haas are currently eighth in the team rankings.

Romain Grosjean of Haas F1 in the paddock ahead of the Formula One Grand Prix of China at Shanghai International Circuit on April 17, 2016
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