Haas F1 Team owner says Formula 1 ‘must not degenerate into socialism’

F1 must be careful as its new owner moves to shake up the income distribution model in the near future.

That is the warning of Gene Haas, the American billionaire owner of the Ferrari-linked Haas F1 Team.

Having ousted Bernie Ecclestone after the Liberty Media takeover, new F1 CEO Chase Carey has said he wants to consider a new championship money distribution plan once the current Concorde Agreements expire in 2020. Currently, the top 10 teams (there are only 10 teams competing this year) get a piece of the pie, with the older, established teams awarded with larger payouts -- regardless of where they finish in the standings.

"As far as I can see, they're doing everything right," Haas told Speed Week ahead of Sunday’s Monaco Grand Prix. "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."

But he said 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.”