The Haas F1 team have issued a statement today saying that they are parting company with title sponsor Rich Energy. The team said that due to a corporate restructuring at the drink suppliers would see the need for a revised global strategy and a mutual termination wuld be the best way forward for both parties.
The partnership between the US based F1 team and the UK drink supplier was said to be in doubt in July when then Chief Executive Officer William Storey tweeted that he had terminated the relationship, however the logos remained on the Haas VF-19 car at all races since then. Haas team principal Guenther Steiner confirmed last month that a decision on the future of the title sponsorship would be made sometime before the Singapore Grand Prix and it appears that a mutual decision has been made to terminate the original 3 year deal early.
The Haas statement in full reads:
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.