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Haas confirms split from Rich Energy

Haas confirms split from Rich Energy

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Haas confirms split from Rich Energy

Haas confirms split from Rich Energy

Haas has confirmed an "amicable" split from title sponsor Rich Energy with immediate effect.

The energy drink company's relationship with the F1 team was something of a roller-coaster, featuring public criticism of racing performances and a previous claim that Rich Energy had cut ties with Haas.

A statement read: "Haas F1 Team and Rich Energy have amicably agreed to end their partnership together in the FIA Formula One World Championship with immediate effect.

"While enjoying substantial brand recognition and significant exposure through its title partnership of Haas F1 Team in 2019, a corporate restructuring process at Rich Energy will see the need for a revised global strategy.

"Subsequently, Haas F1 Team and Rich Energy concluded a termination of the existing partnership was the best way forward for both parties. Haas F1 Team would like to express its thanks and best wishes to the stakeholders at Rich Energy."

Rich Energy CEO William Storey was removed as a director after the company's Twitter account claimed that the sponsorship had been terminated ahead of the British GP due to Haas' "poor performance" with Kevin Magnussen finishing behind George Russell's Williams in Austria highlighted for particular criticism.

The year has not been without its difficulties for Rich Energy. The company was successfully sued by Whyte Bikes over copying its stag logo, which had to be removed from Haas' livery, while Red Bull's drinks arm has also launched legal proceedings against Storey.

Haas had sought £35million in damages when Rich Energy initially tried to split, but it remains unclear if a financial settlement has been reached.

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