Russian company Uralkali has asked Dutch courts to seize the assets of Haas F1 Team after Sunday’s Dutch Grand Prix as it awaits payment following the early termination of a partnership deal.
Photo: Profimedia
The Haas F1 Team stable of the American owner Gen Haas must return nine million dollars to the former sponsor, the Russian company Uralkali.
After the race at the circuit in Zandvoort, the Netherlands, the weekend in Monza, Italy follows in just a few days. The individual Formula 1 teams packed all their equipment so quickly that they could already leave the first trucks for Italy at night. But the American Haas F1 Team involuntarily remained in the land of tulips.
The Haas team was unable to pack its cars and equipment from the Dutch Grand Prix because its former sponsor, the Russian company Uralkali, is awaiting payment of an overdue payment, estimated at $9 million in total. The Russian company appealed to the court to confiscate the assets of the F1 team.
The single-seaters and overall equipment were still being assessed by bailiffs and police in the Zandvoort pit lane on Thursday evening after Uralkali claimed last month that Haas had missed a July deadline to refund money from a canceled sponsorship deal.
After a hearing by a Swiss arbitration court in June, it was ruled that Haas should return to Uralkali part of its sponsorship payment paid for 2022, before the contract was canceled due to Russia’s invasion of Ukraine. Haas had promised that one Formula 1 car would be part of the settlement agreement.
While the court said Haas had the right to terminate the deal, it also said the American-owned team could only keep a portion of the total sponsorship deal for the 2022 season, which was for $13 million.
Sources told motorsport.com that Uralkali believe no effort was made to recover the money until they attempted to seize Haas’ assets at Zandvoort.
Haas insists the payment was made Friday night, with owner Gene Haas saying Sunday afternoon that “it’s all settled now.”
According to their own words, the American stable respected the arbitration decision and was ready to pay nine million, but international sanctions were supposed to prevent it from doing so.
Although it was agreed that Haas’ participation in the Dutch Grand Prix could go ahead without complications, the team’s equipment cannot leave the Netherlands, with the court order remaining in place until the money is transferred to Uralkali’s account.
The payment was supposed to be sent through the Middle East because Haas initially said he had to be sure each transaction fully complied with the sanctions that had been imposed on various Russian companies.
In a statement on Friday, it said: “Haas fully intends to pay Uralkali all amounts due under the arbitration award and there is no dispute as to the amounts owed. Haas is working with its lawyers to ensure payments comply with all relevant US, EU, UK and Swiss sanctions and regulations.”
Uralkali did not accept the issue of sanctions as the reason for the delay in payment, claiming on Sunday that they had still not received the funds. At the same time, the Russian company is requesting information on how and when the promised F1 car will be delivered to them.
Source: sportweb.pravda.sk
