American Formula 1 team Haas have signed a deal with MoneyGram which will see the digital payment firm become title sponsor from next season and beyond.
Haas have been on the hunt for a new lead partner after terminating their contract with Russian company Uralkali and Russian driver Nikita Mazepin ahead of this season.
Following months of talks, Haas announced a multi-year agreement at the Circuit of The Americas – ahead of the United States Grand Prix – that includes team naming rights.
The livery will be revised to incorporate the new partner and unveiled ahead of the 2023 campaign.
“We are pleased to welcome an incredible brand like MoneyGram as our new title sponsor,” said owner Gene Haas.
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“Since our entrance into the F1 World Championship in 2016, Haas F1 Team has earned a reputation of strength, agility and resilience. MoneyGram brings a similar drive to the world of financial services, and we’re ready to work together to maximize results on and off the track.”
Team Principal Guenther Steiner added: “MoneyGram is a global leader in fintech and payments and is always setting out to push the boundaries of technology.
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“It’s that eagerness for innovation that really drew us to partner with MoneyGram, and we’re confident that we will continue to grow together and reach our full potential.”
F1 Correspondent Lawrence Barretto says…
This is huge boost for a team that hasn’t had the best of times with title sponsors in their short history, the American team ending arrangements with Rich Energy and Uralkali early.
Haas are in the fortunate position of having an owner in Gene Haas who has impressive financial reserves and will step in – as he has done in the past – if required to ensure stability.
However, his preference is for the team to run as a business, and thus securing a title partnership of this calibre – along with a series of other deals they have added this year – is significant.
Haas have the smallest budget on the grid, and are not pushing up to the budget cap. And while I believe they don’t currently have plans to do so in the near future, the extra investment will help them move towards their short-term goal of becoming a regular midfield team.