17/07/2024
NEWS STORY
Haas' former title sponsor, Uralkali has revealed that the American F1 team has missed the deadline to repay the balance of sponsorship money as ordered by a Swiss arbitral tribunal.
According to the June 12 ruling of the Swiss arbitral tribunal, the team was obligated to pay the balance of sponsorship money from its terminated contract with Uralkali plus interest plus arbitration costs effective immediately.
Likewise, Haas was given one month by the tribunal to deliver a team race car from the 2021 season to Uralkali as provided by the sponsorship contract that was unilaterally terminated by Haas in March 2022 in the aftermath of Russia's invasion of Ukraine.
According to Uralkali, neither the money (plus interest plus costs) has been paid, nor the race car delivered by the required deadline. Indeed, a letter sent by Uralkali to Haas in early July providing options for the delivery of the car to take place went unanswered. Meanwhile, further interest on the awarded sum continues to accrue.
"Haas' failure to execute the required transfers is a flagrant violation of the tribunal's award as determined by an arbitration process signed on to by both sides," said Uralkali, one of the world's largest potash producers and exporters, in a brief statement. "This gives new meaning to the expression 'unsportsmanlike conduct'.
"Uralkali will use all means provided for under the law to see that the ruling is implemented," said an Uralkali representative, adding, "Let all current and potential Haas sponsors be aware of the kind of treatment that may await them."