Post a Free Blog

Submit A Press Release

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Dark Comedy
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Music
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Thriller
Truck Series (TRUCK)
True Crime
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Western
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
0
-- Advertisement --spot_img
HomeSportsAuto RacingF1 News: Former sponsor asks court to seize Haas assets

F1 News: Former sponsor asks court to seize Haas assets

Add to Favorite
Added to Favorite


The Russian chemical company Uralkali filed suit in a Dutch court to seize assets from the Formula 1 team Haas over a failed payment required after a partnership between the two entities was ended.

Uralkali was the Haas title sponsor in 2022, when the American F1 team elected to cancel the sponsorship deal following Russia’s invasion of Ukraine. The Russian company, which is also a fertilizer producer, had paid $13 million for the sponsorship.

During an arbitration hearing in June, a Swiss court determined Haas was within its rights to end the partnership, but the team had to refund as much as $9 million of the sponsorship funding it received.

Uralkali’s suit in a Dutch court came in advance of Sunday’s Dutch Grand Prix. According to motorsport.com, Haas can race this weekend, but the team will not be able to remove its assets from the country, including its race cars, until an outstanding July payment has been made.

“Haas fully intends to pay to Uralkali all amounts due pursuant to the arbitration award, and there is no dispute over the amounts owed,” Haas said in a statement. “Haas … will comply with all relevant US, EU, UK and Swiss sanctions and regulations. We will continue working with Uralkali in the coming days to resolve this matter definitively.”

According to Uralkali, there are no sanctions preventing the refund of sponsorship funds intended for use by Haas before the partnership was dissolved.

“We are delighted to hear that, following (the) visit from Dutch authorities, Haas is finally paying attention to the arbitral ruling,” Uralkali said in its own statement. “Uralkali wants nothing more than to receive what it was awarded during a fair judicial process and hopes that Haas will move quickly to rectify the situation so that all sides can move on.”

–Field Level Media

Subscribe to get Latest News Updates

Latest News

You may like more
more

MLB News: Yankees look to punch ticket to playoffs in clash vs. Mariners

Juan Soto hit the trifecta on Tuesday. His milestone home...

NCAAF News: Florida coach Billy Napier fighting doubts with enthusiasm

Modeling enthusiasm in the face of adversity tops the...

MLB News: After losing no-hit bid, Jays’ Bowden Francis takes on Rangers

Toronto Blue Jays right-hander Bowden Francis has been outstanding...