Gene Haas Likely to Chip In With Much-Needed Financial Backing Amidst Recent Uralkali Exit

Haas Automation owner Gene Haas is in talks for increased investment in the F1 team. The American team has been through some troubled times the past few months.

Amidst the Russia-Ukraine conflict, the team saw the dropping of sponsors as well as the return of a former driver. Taking into account their quick actions during the conflict, it’s understood that the team’s financial status is a bit shaken.

Gene Haas has previously said that “Financially we are okay,” but he was also clear about the need to rectify the situation. After dropping the Uralkali brand and driver Nikita Mazepin, Haas brought back Kevin Magnussen. It’s understood bringing K-Mag back was a financially stable decision for the team.

Gene Haas is comfortable in his seat

While Uralkali’s dropping was a setback, the team has other options to fill the gap. Furthermore, Haas expects existing partners and potential new parties to step up and help them. Gene’s timing for investment also looks solid, as F1’s budget cap era will probably boost the team’s competitiveness.

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Previously, Gene has also clarified the funding issue and said, “It has no [implication] on the team, how we are running it or how we’re doing, how we planned this season. There are more ways to get the funding so that there’s no issue with that one.”

We do not expect things to be easy because Haas ended up last on the table in the 2021 season, and they might face a tough time after losing a major sponsor. However, no budget deficit deference came up as they signed a multi-year deal with Magnussen. Moreover, Magnussen and Mick Schumacher‘s incredible testing performances have also boosted the team’s spirit.

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However, Gene Haas’ move could be a short-term solution to a big problem. But securing a reliable revenue stream is also important for the American team. It has also been reported that the team is in talks with new sponsors, so honestly, they seem to be coping exceptionally well.

As the season progresses, Haas’ financial status would be one to watch out for. F1’s brutality has seen many big players leave the sport, however, Haas’ confidence seems unshakable.