Gene Haas is likely to increase his investment in his Formula 1 team in the wake of Uralkali’s departure as title sponsor.
Haas moved quickly in response to Russia’s invasion of Ukraine to terminate the title partnership with Uralkali as well as the driver contract of Nikita Mazepin, with both Mazepin and his father Dmitry – who runs Uralkali – since being sanctioned by the EU. Kevin Magnussen was named as Mazepin’s replacement last week, with a multi-year deal for an experienced driver showing the team’s financial stability.
The decision to re-sign Magnussen rather than analyze pay driver options came with the approval of team owner Gene Haas, and RACER understands he is likely to safeguard the team’s future with the financial backing required following the recent upheaval.
It is also understood that is not the only avenue of funding that is open to the team at present, as it liaises with both existing partners and potential new interested parties to replace the significant gap left by the end of the Uralkali deal.
While the Haas Automation founder is willing to increase his investment at a time when the team has a much better chance of being competitive under F1’s budget cap era, it could be a relatively short-term solution as further revenue streams are secured, but allowed Haas to move swiftly in response to the global situation over the past few weeks.