The Haas Formula 1 team has received a major financial boost after securing a new title sponsorship deal with payment company MoneyGram.
It is F1 race weekend in Austin, Texas and as the only U.S. based team, Haas decided to make some news announcing a new multi-year partnership that will commence the start of next season.
Haas F1 Team, the only American team competing in the FIA Formula 1 World Championship, and MoneyGram International, Inc., a global leader in the evolution of digital P2P payments, today announced that MoneyGram will become the new title sponsor of Haas F1 Team in 2023 – when it will be known as MoneyGram Haas F1 Team.
As well as an official change to the team name, Haas will have a revised livery for the 2023 campaign as well, hopefully is represents the team a little better.
Haas’s deal with MoneyGram, a company specialized in peer-to-peer (p2p) payments, comes after the team had been on the lookout for a stable partner in the wake of growing interest around the team and F1, after two failed sponsorships.
Speaking about the partnership, team owner Gene Haas said: “We are pleased to welcome an incredible brand like MoneyGram as our new title sponsor. Since our entrance into the F1 world championship in 2016, Haas has earned a reputation of strength, agility and resilience. MoneyGram brings a similar drive to the world of financial services, and we’re ready to work together to maximize results on and off the track.”
Moneygram chairman and CEO Alex Holmes said the company wanted to use its move into F1 as a way of promoting its fast-growing digital business.
“We will continue to disrupt ourselves to meet the ever-changing financial needs of consumers, and we’re determined to make sure the world knows it,” he said. “That’s why we’re hitting the accelerator by making our debut into the world of F1 and teaming up with Gene and Haas F1 team.”
Although the MoneyGram deal does not kick in until next season, company representatives will be appearing at a press conference in Austin later on today, and there will be several activation events around the United States Grand Prix.
Additionally, Haas has yet to confirm its full driver line-up for next season, with only Kevin Magnussen having a contract so far. Mick Schumacher remains an option for the squad if he can end the year strongly, with Aston Martin reserve Nico Hulkenberg also emerging as a strong candidate.