(Reuters) – The Haas Formula One team will have payments and money transfer company MoneyGram as its title sponsor from next season in a multi-year deal that will provide a welcome injection of cash for the only US-based team in the series.
The endorsement was officially announced Thursday ahead of this weekend’s US Grand Prix at the Circuit of the Americas at a downtown Austin cafe.
Haas entered F1 in 2016 and spent much of that time without a title sponsor other than Haas Automation, the company of machine tool industrialist and team owner Gene Haas.
The Ferrari-powered team is eighth out of ten teams in the Constructors’ Championship, level on points with ninth-placed AlphaTauri.
Uralkali, owned by Russian billionaire Dmitry Mazepin, was the team’s most recent title sponsor, but the potash producer was forced out of the sport in February after the oligarch was placed on a European Union sanctions list over Russia’s invasion of Ukraine , which Moscow called ” special operation”.
MoneyGram CEO Alex Holmes told Reuters that Formula 1 and Haas are a perfect fit for a company that operates in more than 200 countries and territories and is looking to strengthen its brand.
Next year will see a record 24 races in 21 countries and five continents, including three in the United States.
“We like to think of ourselves as one of the fastest ways to send money and F1 is one of the fastest sports in the world. We think this is a fantastic crossover and an extremely unique opportunity for us,” Holmes told Reuters.
“If you think about Haas themselves, they’re a bit of a rock ‘n’ roll team, and under Gene’s leadership and partnership with Günther (Steiner, team leader) I think they’ve created a really compelling team.
“A lot of people might think that they (Haas) are kind of an outsider, and that’s what’s fun about it — people want to root for them, they want them to succeed, and I think it’s a great partnership.”
MoneyGram has a history of sports sponsorship and has been a partner of ICC Cricket and Major League Soccer club FC Dallas.
Holmes said the company has many opportunities to get into Formula 1, but only recently has it found the right fit and timing as the sport has seen a surge in popularity in part due to the acclaimed Netflix series Drive to Survive.
‘GAME CHANGER’
The three races in America, including the US Grand Prix near MoneyGram’s home base in Dallas, were attractive, with Holmes calling the addition of Las Vegas to the calendar a “game changer”.
“I think it was a combination of (things) changing the framework around the Formula 1 brand, introducing some of the new races and clearly being associated with Netflix’s ‘Drive To Survive’ that really brought a whole different demographic. ” he said.
“Racing in Vegas is a game changer in my opinion. I think Miami has a lot of glitz.
“Races that have been so historic and iconic for so many years like Monaco keep that shine but adding something like Las Vegas is like Monaco modernized on steroids in my opinion.
“It’s an opportunity to bring the sport to life in the US market.”
The Haas rider line-up consists of Danish veteran Kevin Magnussen and Mick Schumacher, son of seven-time world champion Michael, but the German is out of contract at the end of the season and faces an uncertain future.
Haas has in the past required drivers to bring sponsorship or endorsement from Ferrari, but Steiner indicated the team will face fewer restrictions in a number of areas as a result of the MoneyGram deal.
“Everything goes better with the right finances,” he told Reuters. “We’re working to see what we want to do … we don’t set a deadline because otherwise you’re pressuring yourself to make a decision, and maybe the wrong one, or you’re disappointing people if we don’t get there.”
“We remain completely open and as soon as we know exactly what we want, once we have a deal in place, we will announce it.”