Gene Haas is adamant his new team can cope with the spiralling costs of Formula One.

Haas Formula are due to take to the grid in 2016, ensuring the next 18 months are going to be arduous for the American.

Haas has already confirmed his intention to take advantage of a new regulation due to come into force next season that will allow Formula One teams to buy a greater list of parts from other more established marques such as Ferrari or McLaren.

According to Haas, the advantage will allow him to run a more streamlined organisation in terms of personnel numbers and therefore the costs will not be as exorbitant.

Haas told PA Sport: “Costs are a problem, but we’re not dependent on prize money to run and we’re not dependent on sponsorship to run.

“Our biggest task is trying to make a lean efficient machine to do this.

“With some of the other organisations, having unlimited money is even more of a problem than having a restricted budget because then you spend it on everything.

“We’re not going to have that. We’re going to have a budget and we’re going to live with it.

“I think that a smaller organisation is more agile and adept at adopting to things. I don’t see how you manage 500 people to run a race team. That just seems too many.”