As was expected after the rather strange goings on at the company, Rich Energy’s title sponsorship with Haas will end with immediate effect.
For a while, the controversy was played down and it looked as if the deal between the organisations had been saved by investors and the branding had stayed present on the VF-19. However, a statement today says that this will cease, although the colour scheme will remain unchanged.
“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.”
This comes after outgoing Rich Energy CEO posted that the company had dropped the team due to ‘poor performance’ and was subsequently removed from the board.