Haas Formula 1 team yet to agree commercial terms with Ecclestone

An agreement is required to commercially bind the team to F1, making it eligible to receive revenues from commercial rights holder FOM at the end of the season based on championship position.

Steiner told Autosport: "Let us say we are at a 'make and shake' point, but I am most encouraged by the progress we have made."

Marussia, now running under the Manor Racing banner, was initially left out of seven-year deals that Bernie Ecclestone had put in place with the other teams in 2013.

There was ultimately a return to an arrangement under which the 11th-placed team became eligible for a $10m (£6.5) ex-gratia annual payment after it signed its deal with FOM.

Renault also had prolonged discussions with Ecclestone late last year regarding its financial arrangements as it progressed with its Lotus takeover.

Steiner has set Haas the objective of getting into Q2 at its debut race in Australia but with a longer-term goal of finishing seventh in the constructors' championship.

"In Australia the objective is to get into Q2 and if possible to get a point home, and otherwise finish in the top 15, but to do the best we can," he said. "Just be respectable out there.

"If we come seventh [in the constructors' championship], it's fantastic."

Based on the amount Toro Rosso was paid in 2015 for finishing seventh the year before, Haas could earn around £40m - roughly half its annual budget - for that result.

Finishing 10th out of 11 teams, the lowest position in which FOM revenues are paid, would net it around £25m, while last place would still be worth £6.5m should it strike a deal with FOM.

Autosport understands Haas would be ineligible to claim the revenues if a commercial deal is not struck with FOM.