Rich Energy CEO Paid “Millions and Millions of Pounds” to Gene Haas Who Allegedly Tried to “Unseat” William Storey

Along with Red Bull and Monster, there has been a third energy drink company that has been involved with F1. While Red Bull takes things to another level by owning not one, but two teams, Monster and Rich Energy have been sponsors for other teams. Although that was just the first step as Rich Energy CEO, William Storey, has mentioned he wants to own a team, fans wonder why Rich Energy left the sport in the first place.

The first time Rich Energy had an affiliation with F1, it was as a sponsor of the team Haas. However, this did not work too well and Rich Energy pulled out their sponsorship mid-season. Now after years since the incident, Storey was invited to the Motormouth podcast with The Racing Pilot, where he broke down the reason behind why the partnership did not work.

Rich Energy CEO reveals the hardships with Haas

On the Motormouth podcast, William Storey was asked about what went down with Haas in 2019. To that, he replied, “Well, I mean, I did a deal with them I shook hands with Gene [Haas] and Guenther [Steiner], I signed a contract, I handed them many many millions of pounds. I mean that’s another load of nonsense that was repeated that we didn’t pay.” Despite investing in the team, according to the Rich Energy CEO, Haas did not acknowledge his investment.

Sharing what Haas did he said, “We paid every element of our contract, millions and millions of pounds and they went behind my back met with my opponents behind my back, clearly without my knowledge, and were involved in an attempt to unseat me.”

Feeling cheated in the partnership he said, “Clearly, that’s just unacceptable behavior, I mean, I like to play with a straight bat and I’ve worked with people for decades on a handshake, and ultimately that’s just unconscionable behavior morally, let alone legally and it’s just unacceptable… I think their conduct was highly questionable and in fact, I’ve said this you know, when you’re wrong you can’t be strong.” Rich Energy’s experience was not that great, to say the least, and now they want to make a return to the sport. But Formula One is not their only endeavor as Rich Energy made a debut in the British Superbike Championship and was in talks to buy a football team too.

Rich Energy’s contributions to sports

Energy drink brands are always looking for sports collaboration, as that’s the best place to advertise their product. Many athletes endorse energy drinks as they give a boost of energy for a short period, which is exactly what sports need at times.

This is why On Sunday, 17 July, a statement was released on social media by Rich Energy, specifically from Storey, announcing the abrupt termination of its title sponsorship deal with OMG Racing. This announcement came as a shock as OMG Racing was leading the standings in the British Superbike Championship (BSB) with Bradley Ray and had expanded its racing project to include the Isle of Man TT.

The sponsorship deal between Rich Energy and OMG Racing was established in February 2020, and described as a “multi-million-pound” deal. This occurred after Rich Energy’s split from the Haas Formula 1 team in June 2019. OMG Racing claimed to have done due diligence on Rich Energy before entering the sponsorship deal, expressing confidence in the partnership despite Rich Energy’s past controversies.

William Storey was also attempting to finalize a £50 million takeover of Reading Football Club. Reading FC, currently relegated to League One (the third tier of English football) for the ongoing season, faced financial difficulties. They were subject to a winding-up petition from HM Revenue & Customs in June. Additionally, the club received a six-point penalty for breaching the English Football League’s (EFL) profitability and sustainability rules.

With everything that Rich Energy is set off to be doing, do you think they will make a return to Formula 1 soon? Let us know your thoughts in the comments below.

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