Rich Energy’s sponsorship of the Haas F1 Team has been terminated effective immediately, ostensibly due to the former’s “corporate restructuring process”.
The energy drink brand joined Haas for the start of the current season but announced in a bizarre tweet just prior to July’s British Grand Prix that it had cut its sponsorship of the team, citing poor performance and Formula 1’s political correctness.
A statement issued by Rich Energy and attributed to a group of shareholders other than CEO William Storey backtracked on the announcement, only for Storey to be quoted on the same company Twitter account accusing shareholders of attempting a ‘coup’.
The American squad has continued to operate as ‘Rich Energy Haas F1 Team’, although Team Principal Guenther Steiner forecast that Rich Energy would make a decision on whether or not its sponsorship continues prior to this month’s Singapore Grand Prix.
That has now come to pass, with the agreement ending.
“Haas F1 team and Rich Energy have amicably agreed to end their partnership together in the FIA Formula One World Championship with immediate effect,” read a Haas statement.
“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.”
Haas is currently second-last in the constructors’ championship ahead of the Singapore Grand Prix, from September 20-22.