Haas boss Guenther Steiner believes Formula 1’s proposed cost cap for 2021 will only partially succeed in bringing the field closer together.

In a bid to create a more level playing field among teams and help reduce financial spend as part of its technical and sporting regulation overhaul for 2021, F1 plans to implement a $175m cost cap.

The cost cap is set to be phased in across a three-year timeline, beginning with a soft implementation in 2021. F1 motorsport Ross Brawn warned teams that are in breach of the financial rules will face “serious and severe” consequences.

“I think in the beginning the cost cap - how it’s defined now - will close the gap, but it will not take the gap away,” Steiner explained.

“We are far from spending $175 million at the moment, and the big teams are well over that.

“The big teams need to come down, and they will get down to $175 million, but most of the other teams are well within that figure.

“Hopefully, it closes the gap to start off, then we’ll see. Maybe there’s a second step in the cost cap.”

Asked how the changes will effect Haas’ business model, Steiner replied: “Very little changes. The business model change is very little.

"I’m not against it, I think there was a good compromise found for us, because in the beginning they wanted to ban that you can buy suspension, but they realised you can buy suspension but you cannot make the fairings, which we haven’t got a problem with in general.

“I think we are OK, and then some of the parts which before we bought, now they will be standard parts. I have no problem. We negotiated it with them, and they came up with them.”

Steiner said teams achieved one of their biggest aims in ensuring they can remain creative and design cars that differ from their rivals’ concepts.

“It was the biggest argument between FIA, FOM and the teams,” Steiner said.

“The teams didn’t want to have a single-make car or be boxed in too much. We didn’t want to end up with a GP1 series.

“In the end, FOM opened up the creativity by opening up the regulations. So, hopefully, we can achieve it.

“The development, whatever the regulations, is always in aerodynamics. That’s the main thing to develop,” he added.

“There is still enough freedom where we can develop areas of the car to make them different from each other. We’ll try to get a little bit more performance out than our competitors.

“The floor is always one of the most important things on a Formula 1 car. It’s always been important and will continue to be, so not a lot will change in that respect.

“You’re always working to get everything out of the car from wherever you can.”