Haas F1 team parts company with title sponsor Rich Energy

Sports

FILE PHOTO: Formula One F1 – Haas Formula One Team Livery Launch – Royal Automobile Club, London, Britain – February 7, 2019 Haas’ Kevin Magnussen, Romain Grosjean, Rich Energy CEO William Storey and Haas Team Principal Guenther Steiner pose with the car during the launch REUTERS/John Sibley

MONZA, Italy (Reuters) – Haas F1 and title sponsor Rich Energy have parted company after 14 races together, the U.S.-owned Formula One team announced on Monday.

A Haas spokesman said the cars would retain the black and gold livery for the rest of the season but without the energy drink company’s branding.

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“Haas F1 Team and Rich Energy have amicably agreed to end their partnership together in the FIA Formula One world championship with immediate effect,” the team said in a statement.

It said Rich Energy needed a revised global strategy due to a ‘corporate restructuring process’ and a termination of the agreement was best for both parties.

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The title sponsorship had been in doubt for some time, with Rich Energy posting on Twitter in July that they had terminated the contract.

Shareholders later said in a statement issued by the team that those comments were unauthorized and the ‘rogue actions’ of one individual.

Haas, the only U.S.-owned entry in Formula One, are ninth of 10 teams after Sunday’s Italian Grand Prix with Danish driver Kevin Magnussen and Frenchman Romain Grosjean.

In May, Rich Energy lost a court case brought against it in Britain by Whyte Bikes for copyright infringement of it’s stags head logo, which was removed from the F1 cars.

Reporting by Alan Baldwin, editing by Christian Radnedge

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