September 9th 2019
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Haas F1 & Title Sponsor Rich Energy End Partnership
The Haas F1 Team has ended its relationship with title sponsor Rich Energy, releasing the following statement:
"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 announced in July that outspoken CEO William Storey had left the company, and the organization has been renamed Lightning Volt.
Storey had announced in July that he "terminated" the deal with the American F1 team due to "poor performance." However, Haas F1 continued to maintain Rich Energy sponsorhip on the cars.