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Former Haas Sponsor Makes Bid in Dutch Court to Seize F1 Team’s Assets Including Cars Over Outstanding Payment
Haas is working with its attorneys to fulfill the missing payment to former title sponsor Uralkali, but if this is not achievable, the sponsors may have all the right to take the team.
Uralkali, a former Haas sponsor, has filed a court case in the Netherlands seeking to confiscate the Formula One team's assets, including cars and other equipment, due to an unpaid payment.
Following a Swiss arbitration court hearing in June, it was determined that Haas should reimburse Uralkali a portion of its sponsorship money received in 2022, prior to the cancellation of its title arrangement as a result of Russia's invasion of Ukraine.
While the court found that Haas had the right to terminate the agreement, it also stated that the American-owned team could only keep a fraction of the $13 million sponsorship amount paid for the campaign.
Haas was consequently required to return the balance of the sponsorship money that ran beyond March 4, 2022, when the agreement was canceled. It is estimated that this cost roughly $9 million.
Uralkali claimed last month that Haas missed the July payment deadline for the reimbursement, and it is known that the Russian business chose to push the dispute with Dutch courts this week.
It requested that Haas's assets at the Dutch Grand Prix be taken, and a preliminary decision was issued in its favor.
As a consequence, bailiffs and police arrived at the Haas team's headquarters in Zandvoort on Thursday night to continue the investigation and assess the team's assets.
While it was decided that Haas' participation in the Dutch Grand Prix may go as usual, the team has been informed that it would not be permitted to transfer its cars and equipment from the country after the event unless the remaining payment is fulfilled.
Haas stated in a statement that it was currently working with Uralkali to finish the financial transfer and that any payments must properly comply with restrictions imposed on several Russian firms.
The statement stated that "Haas fully intends to pay to Uralkali all amounts due under the arbitration award, and there is no dispute over the amounts owed."
“We will continue working with Uralkali in the coming days to resolve this matter definitively.”
Uralkali made its own statement on Friday, applauding Haas' efforts to resolve the payment issue, but stating that the sanctions issue did not justify the delay.
"We are aware that Dutch bailiffs, accompanied by police, last night arrived at the Haas paddock and took an inventory of all racing equipment and other property,” said a Uralkali spokesperson.
“This is the expected consequence of Haas’ refusal to obey the ruling of arbitrage awarding payment and a race car to Uralkali.”
“The arbitral ruling was issued June 12 with immediate effect and has been ignored by Haas.”
“Haas has had over two months to implement the ruling, and, as was reported previously, Uralkali reached out to Haas’ representatives with options about how to make payment and where to send the race car, without ever receiving a substantive answer.”
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