P1racenews AI automatic summary:
Haas has settled its ongoing sponsorship dispute with Uralkali after the team’s former title sponsor made a bid through Dutch Courts to seize the American Formula 1 team’s assets. The Russian fertiliser company, owned by Dimitry Mazepin, became the team’s sponsor in 2021, in conjunction with Mazepin’s son, Nikita, becoming a full-time driver, but that […]
In 2021, the Russian fertiliser company owned by Dimitry Mazepin sponsored the team, coinciding with his son, Nikita, joining as a full-time driver. However, this partnership was abruptly terminated on the brink of the 2022 season due to the Ukraine invasion. Despite the fallout, a legal battle ensued over a $13m sponsorship debt, with Uralkali eventually pursuing repayment through Swiss Arbitration Courts. The courts ruled in favor of Haas, allowing them to terminate the title agreement but mandating the return of the outstanding balance by March 4, 2022. Following complications in repayment, including the threat of Haas assets being seized, a frantic race took place to resolve the issue, culminating in a successful payment on Friday, navigating international sanctions in the process. The team expressed intention to settle all outstanding amounts with Uralkali swiftly, aiming to close this turbulent chapter for good.
