Haas F1 was the first American constructor to apply to the FIA to join Formula One since the failed US F1 project back in 2010. They were also the first American constructor to compete in F1 during the 2016 season since the unrelated Haas Lola team which raced during the 1985/6 seasons.
Haas commissioned a chassis from Dallara and a power unit from Ferrari and bought the collapsed Marussia F1’s Banbury facility and a number of their production assets too.
Haas funding historically small
A previous deal with Rich Energy ended in controversy and the Haas team budget has always been one of the smallest on the grid.
Yet on the eve of the US GP, Haas at their home race have announced a huge sponsorship deal with Moneygram formerly known as Travellers Express.
“MoneyGram provides money transfer and other financial services around the globe with both digital platforms and retail locations. Consumers can send money internationally to friends and family, pay bills and more with affordable fees and great exchange rates,” explains their website.
“MoneyGram is trusted by 150+ million consumers who can choose how they send money – online, in our highly-rated mobile app or at one of 380,000+ locations.”
Moneygram expected to deliver full budget for Haas
Team owner Gene Haas welcome the new partnership. “We are pleased to welcome an incredible brand like MoneyGram as our new title sponsor.”
“Since our entrance into the F1 world championship in 2016, Haas has earned a reputation of strength, agility and resilience.
“MoneyGram brings a similar drive to the world of financial services, and we’re ready to work together to maximise results on and off the track.”
Haas new sponsor is expected to raise the bar significantly in terms of how much the team will be able to spend designing, developing and running its cars from 2023 onwards. It is likely the team will have the full budget cap spending capabilities of previously bigger spending teams at the front of the grid.
New Haas/Moneygram livery for 2023
Haas will run with a redesigned livery and is yet to confirm which driver will race alongside already contracted Kevin Magnussen. The choice is apparently between retaining Mick Schumacher or signing Nico Hulkenberg.
The team has a press conference scheduled for 12:30 local time in Texas where fevered speculation suggests Haas will make its driver announcement.
Moneygram chairman and CEO Alex Holmes explained their decision to join Formula One.
“We will continue to disrupt ourselves to meet the ever-changing financial needs of consumers, and we’re determined to make sure the world knows it,” he said.
“That’s why we’re hitting the accelerator by making our debut into the world of F1 and teaming up with Gene and Haas F1 team.”
Haas have been heavily dependent this year on Mick Schumacher’s sponsor 1&1 though with a global sponsor with deep pockets like Moneygram now onboard, it could diminish the importance of the finance Mick has brought to the team.
— Circuit of The Americas (@COTA) October 18, 2022