Haas working on returning Uralkali money after bailiffs visit
The Haas Formula 1 team says “there is no dispute over the amounts owed” to former sponsor Uralkali as it works to return funds following a visit from bailiffs at the Dutch Grand Prix.
An arbitration ruling from a Swiss tribunal in June ordered Haas to return monies already paid to it by its former title sponsor Uralkali prior to the termination of its contract in March of 2022. Haas was judged to have been within its rights to terminate but not to keep prior funds, with Uralkali stating at the time that it “anticipates that Haas will fulfill its obligations under the ruling without undue delay.”
With Haas having yet to return the sponsorship figure — but the team understood to have the amount waiting to be transferred — Uralkali initiated further action by sending bailiffs into the Zandvoort paddock on Thursday night to itemize the team’s inventory. It would then be able to prevent Haas leaving the Netherlands after this weekend’s race if payment is not received by Monday.
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“Haas fully intends to pay to Uralkali all amounts due pursuant to the arbitration award, and there is no dispute over the amounts owed,” a team statement read. “Haas has been working with its lawyers to ensure payment will comply with all relevant U.S., EU, UK and Swiss sanctions laws and regulations. We will continue working with Uralkali in the coming days to resolve this matter definitely.”
Multiple sanctions have been placed on Russia since its invasion of Ukraine in early 2022, with the situation leading to the termination of the sponsorship contract. RACER understands those sanctions add to the complexity of making such a significant payment to Uralkali, and while Haas is working on a transfer as a prompt matter, it could extend beyond Friday.
The next race is the Italian Grand Prix at Monza next weekend, with teams transporting the majority of their equipment by road to northern Italy from Sunday night onwards.
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