28/08/2024
NEWS STORY
Haas has resolved the financial issue with former title sponsor Uralkali that threatened its participation in the Italian Grand Prix.
Bailiffs visited the American team in the Zandvoort paddock on Thursday after Haas failed to meet the deadline set by a Swiss arbitration tribunal in terms of a refund of sponsorship money previously paid to the team and compensation. In total it is thought the amount owed is $9m together with an F1 car.
The team was allowed to contest the Zandvoort weekend on the understanding that it would not be able to leave the Dutch track until the outstanding monies had been paid, and with the Monza event just days later this cast doubt on its participation.
On Monday afternoon, Uralkali issued a statement saying the matter had been resolved and the team was free to leave Zandvoort.
"Uralkali confirms that we have received in full the payment owed by Haas (including interest and fees) following the ruling of the Swiss court of arbitration," said the Russian potash giant in a statement. "We have also collected the race car owed to us under the terms of the sponsorship agreement.
"As such, Uralkali has notified Dutch authorities that they may release Haas' assets from arrest as an interim measure, and Haas is free to take them out of the Netherlands."