The P2P digital payments provider becomes the team’s third partner in five years.
- Haas hasn’t had a title sponsor this season after Uralkali withdrew
- MoneyGram signed a multi-year agreement
- Financial terms are not disclosed, but rumors suggest it could be around $40 million.
The Haas Formula One team has announced MoneyGram as the new title sponsor for the start of the 2023 season.
The American team, which has been without a title sponsor since dropping Uralkali at the start of this season, has signed a multi-year deal with digital payments provider P2P ahead of the United States Grand Prix this weekend. -end.
Financial terms of the deal are not disclosed, but RacingNews365.com reports that Haas has signed a three-year contract worth $20 million a year.
“We are thrilled to welcome an incredible brand like MoneyGram as our new title sponsor,” said Gene Haas, Founder and President, Haas Formula One Team.
“Since entering the F1 World Championship in 2016, Haas F1 Team has earned a reputation for strength, agility and resilience.
“MoneyGram brings a similar dynamic to the world of financial services, and we’re ready to work together to maximize results on and off the track.”
Alex Holmes, President and CEO of MoneyGram, added, “MoneyGram is a different company than it was five years ago. We’ve reinvented ourselves to be a global leader in the evolution of cross-border payments through our fast-growing digital business and strong culture of fintech innovation – and we’re just getting started. »
“We will continue to disrupt each other to meet the ever-changing financial needs of consumers, and we are committed to making sure the world knows it.
“That’s why we’re stepping on the accelerator by making our F1 debut and teaming up with Gene and Haas F1 Team.”
Günther Steiner said in April that Haas would not rush into new sponsorship deals, underscoring the caution with which the team approached this new partnership.
Dallas-based MoneyGram will become the third title sponsor in five seasons, after Haas endured tumultuous and contentious relationships with Uralkali and Rich Energy.
Haas is currently in the midst of a dispute over whether or not Uralkali owes compensation for terminating his contract early. this season.
The company is seeking reimbursement of $13 million and compensation of $8.6 million, but Haas claims it owes it 8 million euros ($8 million).
Former driver Nikita Mazepin is also suing Haas for alleged unpaid wages.
The relationship with Rich Energy has been punctuated by numerous public spats with the brand’s founder, William Storey, including comparing the team’s car to a milk float.
The company also announced the end of its title sponsorship via Twitter in July 2019, which company shareholders and the Haas Formula One team denied. The couple officially separated in September of the same year.
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