Hass concluded that it’s better to part ways and attempt ideas separately than sustaining a working relationship.
KANNAPOLIS, North Carolina—September 9th— It was a situation that seemed to have only one viable solution. The American Haas F1 Team announced Monday afternoon that they will be suspending ties with the British energy company, Rich Energy, who sponsored their cars for the 2019 season.
Courtesy: PlantedF1
The reason for this decision, said Haas, would be for Rich Energy to “revise its global business strategy.”
Already this past spring, troubles began brewing when the energy giant said that it aimed to sponsor a product that would beat industrial company Red Bull “on and off the track,” according to CEO William Storey.
Things began to sour around the middle of July at the British Grand Prix. The company’s twitter account signaled that Rich would be withdrawing sponsorship of the U.S. team following its poor performance at the previous race in Austria.
Haas denied the claim, stating that the problem was between Storey and the company’s main investors. Storey was eventually terminated from his position, and Rich Energy was renamed Lightning Volt. That said, the Rich Energy name remained on the cars in Hungary, Germany, Belgium, and in last week’s race in Italy.
Now that the deal has been terminated, the black and gold car colors will remain until season’s end– but without the Rich Energy label.
In a written statement issued by Haas on Monday, the company said that it would be better to part ways and attempt ideas separately, rather than continuing the working relationship. “While enjoying substantial brand recognition and significant exposure through its title partnership of Haas F1 in 2019, a corporate restructuring process at Rich Energy will see the need for a revised global strategy,” Hass wrote. The statement continued: “Haas F1 Team would like to express its thanks and best wishes to the stakeholders at Rich Energy.”
It is questionable whether Haas will find another main sponsor in the future or decide to go with several smaller co-sponsors as it has done in the recent past.
