Rich Energy Ltd. is a British energy drink company that sponsored the Haas F1 Team for part of the 2019 Formula One Season. The sponsorship deal was terminated early and resulted in a high-profile controversy.
History[]
The company made their first appearance in the Formula One headlines in 2018 when they attempted to partner with Force India, which had entered administration due to financial instability. The company had offered a £30 million sponsorship agreement paid in two instalments.[1] However, the offer was rejected in favour of a buyout by a consortium led by Lawrence Stroll.
In 2019, Rich Energy reached a sponsorship agree with Haas. The new sponsorship saw the team change to a black and gold livery.
In May 2019, Rich Energy was sued by British bicycle company Whyte Bikes for a copyright violation. The company alleged the the stag-antler-logo used by Rich Energy was too similar to their own logo. Rich Energy lost the case in court.[2]
On 10 July 2019, Rich Energy announced via social media that they were terminating their sponsorship agreement with Haas, citing poor performance from the team. The company also claimed that the "politics and PC [politically correct] attitude" of Formula One was "inhibiting" their business.[3]
The company shareholders claimed the decision were solely the actions of the CEO William Storey and that the sponsorship had not been terminated. Haas confirmed this as well. On 16 July 2019, the shareholders were successful in ejecting Storey from his position as company director. The company was transferred to the BDG Group, a British firm specializing in businesses experiencing financial difficulties. The company name was also officially changed to Lightning Volt Limited.
On 18 July 2019, Rich Energy published alleged court documents showing that Red Bull was suing the company over Rich Energy's advertising slogans.[4]
On 19 July 2019, a new company Rich Energy Limited was incorporated in the United Kingdom by Steven Weston.
While the shareholders of Rich Energy worked to resolve their management issue, Haas continued to run the Rich Energy branding on their car. However, Haas officially announced the termination of their partnership with Rich Energy on 9 September 2019, following the 2019 Italian Grand Prix.
On 29 August 2019, William Storey regained his position as director of Lightning Volt Limited. The company was forced into liquidation by the courts on 14 November 2020.
Rich Energy has since partnered with OMG Racing, a motorcycle racing team.
References[]
- ↑ "Why Sergio Perez took action against Force India". Eurosport. 28 July 2018. https://www.eurosport.com/formula-1/why-sergio-perez-took-action-against-force-india_sto6865773/story.shtml. Retrieved 16 April 2022.
- ↑ Smurthwaite, James (14 May 2019). "Whyte Bikes Win Legal Battle Against Haas F1 Team's Title Sponsor, Rich Energy". Pinkbike.com. https://www.pinkbike.com/news/whyte-bikes-win-legal-battle-against-haas-f1-teams-title-sponsor-rich-energy.html. Retrieved 16 April 2022.
- ↑ Cooper, Adam (10 July 2019). "Rich Energy says Haas F1 deal terminated, citing "poor performance"". Autosport. https://www.autosport.com/f1/news/rich-energy-says-haas-f1-deal-terminated-citing-poor-performance-4991435/4991435/. Retrieved 18 April 2022.
- ↑ Scott, Matthew (18 July 2019). "Red Bull suing ex-Rich Energy chief, according to leak". GPFans. https://www.gpfans.com/en/f1-news/42313/red-bull-suing-ex-rich-energy-chief-according-to-leak/. Retrieved 16 April 2022.
External links[]
| V T E |  Haas
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|---|---|---|---|
| Drivers 31.  Esteban Ocon · 87.  Oliver Bearman
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| Personnel Gene Haas · Ayao Komatsu | |||
| Cars VF-16 · VF-17 · VF-18 · VF-19 · VF-20 · VF-21 · VF-22 · VF-23 · VF-24 | |||