Haas: Due diligence completed on new 2019 title sponsor Rich Energy

Haas Formula 1 boss Gunther Steiner has defended the team's new title sponsorship deal with drinks brand Rich Energy, insisting the outfit has done due diligence on the company

Haas: Due diligence completed on new 2019 title sponsor Rich Energy

After Rich Energy failed in attempts to buy Force India, CEO William Storey was in the Austin paddock last week and met with Steiner in the paddock on Sunday morning. He was also seen in conversation with Williams and McLaren.

Haas announced Rich Energy would become its title sponsor in 2019 on Thursday, just four days after that meeting.

Doubts about Rich's ability to fund an F1 team and the speed with which the deal came together prompted some scepticism in the paddock, but Steiner said his team had done its homework before he met Storey.

"Your due diligence you don't do with the person there, there's some other ways to do that," he said when asked by Autosport about the deal.

"We did what we need to do. We needed to do it before we met him. Why do you doubt that?

"Obviously we did what we needed to do, and our legal advisors were content with that."

The announcement also came as a surprise because owner Gene Haas has used the F1 team to promote his machine tools company, and was seemingly reluctant to take on high-profile branding from a third party.

But Steiner said the time is now right for such a deal.

"I think now we are three years in, the Haas F1 name is pretty well established, I think everybody would agree to that one - everybody knows what Haas F1 is," he said.

"At the beginning it wouldn't have been, if we had another brand in it.

"For one reason or another it's well established, the Haas point.

"If a partner comes along which contributes enough that you do something together and it gives you opportunities as well, because this gives us opportunities, why not do it? I think it will help the team."

Steiner refused be drawn on whether Rich Energy's money would be "extra" funding, or would simply allow Haas to scale down his own investment, but stressed there was no plan to expand the team.

"Even if we employ more people we still work on our principle that we want to be efficient," he said.

"This is not like, we've got more money, let's go big now, let's employ 200 people, let's buy a new big building, lets buy five dynos.

"Nothing like this. We are well grounded. I think we show that our business model is working quite well.

"It's not perfect by any means, we can get better, but we want to grow it where we think we are weak.

"I know the spots where we are weak, we will grow them and make changes, but they will not be that we're going to run the old style way of having 500 people in two years."

shares
comments
Mexico Infiniti Engineering Academy winner chosen for 2018

Previous article

Mexico Infiniti Engineering Academy winner chosen for 2018

Next article

Calderon to get first F1 run with Sauber at Mexico filming day

Calderon to get first F1 run with Sauber at Mexico filming day
Load comments

About this article

Series Formula 1
Teams Haas F1 Team
Author Adam Cooper
The clues Hamilton’s F1 contract afterthought gives to his future Plus

The clues Hamilton’s F1 contract afterthought gives to his future

The Formula 1 world reacted with surprise when it learned Lewis Hamilton’s long-awaited new Mercedes deal guarantees his presence on the grid only until the end of 2021. Both parties claimed publicly they were happy with the arrangement but, asks MARK GALLAGHER, is there more to it than that?

How a harshly ejected Red Bull star has been hooked by racing again Plus

How a harshly ejected Red Bull star has been hooked by racing again

Driver-turned-DJ Jaime Alguersuari lost his love for motorsport when he was booted out of Formula 1 just as he was starting to polish his rough edges. Having drifted from category to category then turned his back on racing altogether in 2015, he’s come full circle and is planning a return in karts for fun

Why Mercedes isn't confident it's really ahead of Red Bull at Imola Plus

Why Mercedes isn't confident it's really ahead of Red Bull at Imola

While Mercedes struck back against Red Bull by topping the times at Imola on Friday ahead of the Emilia Romagna Grand Prix, the overall picture remains incredibly close. Despite having a possible edge this weekend, the reigning Formula 1 world champion squad is not taking anything for granted...

What Mercedes must do to keep its F1 title challenge on track Plus

What Mercedes must do to keep its F1 title challenge on track

Mercedes may find itself leading the drivers' and constructors' standings after Lewis Hamilton's victory in the Bahrain Grand Prix, but it is well-aware that it came against the odds, with Red Bull clearly ahead on pace. Here's what the Brackley team must do to avoid its crown slipping

Formula 1
Apr 16, 2021
Why Tsunoda can become Japan’s greatest F1 talent Plus

Why Tsunoda can become Japan’s greatest F1 talent

While Japan's fever for motor racing is well-documented, the country has yet to produce a Formula 1 superstar – but that could be about to change, says BEN EDWARDS

Formula 1
Apr 15, 2021
Why the demise of F1's hypocritical spending habit is cause for celebration Plus

Why the demise of F1's hypocritical spending habit is cause for celebration

For too long, F1's richest teams have justified being able to spend as much as they want because that's the way they've always conducted their business. STUART CODLING says that's no reason not to kick a bad habit

Formula 1
Apr 14, 2021
The double whammy that is defining Vettel’s F1 fate Plus

The double whammy that is defining Vettel’s F1 fate

It's been a tough start to Sebastian Vettel's Aston Martin F1 career, with a lack of pre-season testing mileage followed by an incident-packed Bahrain GP. But two key underlying factors mean a turnaround is not guaranteed

Formula 1
Apr 14, 2021
The diva that stole a march on F1’s wide-bodied opposition Plus

The diva that stole a march on F1’s wide-bodied opposition

In 2017 new F1 technical regulations were supposed to add drama - and peg Mercedes back. STUART CODLING looks at the car which, while troubled, set the stage for the wide-bodied Formula 1 era

Formula 1
Apr 13, 2021