A fierce dispute over ownership has erupted within the Haas F1 Team, with Team Principal Guenther Steiner and founder Gene Haas at loggerheads regarding the ownership of the American Formula One outfit according to FormulaNerds.com
Reports suggest that Steiner, an Italian-American figure at the helm, is growing increasingly frustrated with Gene Haas, accusing him of neglecting to acknowledge his status as a co-owner of the team. FormulaNerds quotes BusinessF1 Magazine who claim that a pact was struck in 2016, stipulating that Steiner would hold a 50% stake in the Formula One division, a claim that Gene Haas vehemently denies says the article.
The idea of establishing a Formula 1 team began to take shape in 2014 when Gene Haas filed an application for a spot on the grid. What set Haas’ approach apart from other aspiring teams was his innovative concept of forming a strategic partnership with an existing Formula 1 team. This novel approach allowed Haas to tap into the technical expertise, resources, and knowledge of an established team, thereby reducing the daunting financial burden associated with building a team from scratch.
Enter Gunther Steiner, an accomplished motorsport professional with extensive experience in various roles within the industry. Steiner’s knowledge of the inner workings of Formula 1 and his reputation for strategic thinking made him an ideal candidate to spearhead the team’s entry into the sport. His pragmatic and no-nonsense approach complemented Haas’ entrepreneurial spirit, forming a partnership that would prove to be essential for the team’s survival and success.
The collaboration between Haas F1 Team and Scuderia Ferrari was a cornerstone of the team’s strategy. It not only provided the team with competitive technical solutions but also allowed them to learn from the expertise of one of Formula 1’s most successful teams. This approach enabled Haas F1 Team to hit the ground running with a competitive package.
Over the years Haas F1 has swung up and down the midfield in terms of performance on track, and is currently enjoying the surge in value that all F1 teams are experiencing since Liberty Media took over the sport several years ago.
Dispute over $900 million
With the financial value of the MoneyGram Haas F1 Team hovering at approximately $900 million, this dispute could potentially translate into a loss of around $450 million for Steiner if the team were to be sold says FormulaNerds.
Should the two protagonists fail to find common ground in the near future, the lingering conflict might necessitate a legal resolution.
Although Steiner has communicated to planetf1.com that his relationship with Gene is amicable, he is determined to underscore his integral role in the inception of the Haas F1 Team. He asserted, “I believe it is my passion project. I initiated the establishment of this team. I was instrumental in securing an investor.”
The valuation of the F1 team has exhibited consistent growth over the years, as both Steiner and the Haas family contributed to the financial prosperity that propelled the business towards an estimated worth nearing $1 billion.
Steiner’s awakening to the financial ramifications of being sidelined as a significant shareholder in the Haas F1 Team is likely the catalyst behind the recent controversy.
In a recent interview with Mirror Sport, the 58-year-old disclosed that the team had been inundated with purchase offers. He elucidated, “We receive purchase offers for the team every week. However, we are not talking about a mere pound. The offers now extend into hundreds of millions. The team has evolved into a prudent investment and a valuable asset.”
With a potential team sale on the horizon, Steiner faces the urgency of resolving the dispute promptly to ensure that he secures what he perceives as his rightful portion.
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