Formula 1: Rich Energy investors attempting to salvage Haas sponsorship deal

Rich Energy’s investors are attempting to salvage the company’s title sponsorship deal with the Haas Formula 1 team after Wednesday’s debacle.

On Wednesday, Rich Energy, the British beverage company that signed a title sponsorship contract with the Haas Formula 1 team ahead of the 2019 Formula 1 season, tweeted that they had terminated their contract with the sport’s lone American team.

Rich Energy cited poor performance by Haas, which currently sit in ninth place out of 10 teams in the constructor standings with just four top 10 finishes through the 21-race season’s first nine races, as well as Formula 1 in general “inhibiting” their business.

Here is what their tweet about the matter stated.

Haas did not release a statement about the matter for nearly a full day, but they finally did earlier today. Here is what team principal Guenther Steiner had to say about the matter.

Steiner’s statement really doesn’t clarify anything, as it doesn’t discredit Rich Energy’s tweet as “fake news”, nor does it imply that the two sides have, in fact, cut ties.

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Well, maybe because it’s neither — and yes, it can be neither.

According to Autosport, Rich Energy’s investors are trying to salvage the company’s title sponsorship deal with Haas after this unprofessional display that has most assuredly caused a PR headache from numerous angles.

So Rich Energy meant what they tweeted, but the two sides haven’t officially cut ties in that Steiner stated that the company is “currently” Haas’ title sponsor, hence the idea surrounding the attempt to “salvage” this relationship before it is officially a thing of the past.

Autosport also reports that Rich Energy CEO William Storey wrote and/or authorized this tweet, but he reportedly did so without the knowledge of the company’s investors following what appears to be a major difference of opinion. He reportedly does not even have the authority to end this title sponsorship contract, so there are definitely details that have not yet been uncovered pertaining to this matter.

Whether or not the relationship between Haas and Rich Energy is beyond repair after the latter damaged a reputation that was previously viewed with major skepticism to begin with by posting their now infamous tweet on Wednesday remains to be seen.

But as of now, Haas are set to enter this weekend’s Formula 1 race, the British Grand Prix, ironically Rich Energy’s home race, at Silverstone Circuit in England, United Kingdom with Rich Energy branding.