Formula 1 is an expensive sport. F1 teams spend hundreds of millions of dollars every season just to stay competitive on the grid. However, in recent years, team valuations have skyrocketed courtesy of the sport’s newfound popularity. This has attracted some big names to invest in teams including Hollywood icon Ryan Reynolds who is part of a consortium that has invested in the Alpine F1 team. Now, Gene Haas has revealed that the investment group first approached his team.
Recently, Gene Haas revealed that the American team had discussions with outside investors, hinting at the Ryan Reynolds-led group. The 71-year-old claimed that the consortium was willing to spend almost $200 million if Haas could give them a return of 15% every year. The American team owner pointed out that the group had high expectations and many rules regarding such an investment.
We have had outside investors come in, and they wanted to talk to us. They expect a 15 per cent rate of return every year. Give me a 15 per cent rate of return and I have a couple of hundred million dollars I’ll give you! They have high expectations, they have all kinds of rules. Gene Haas told F1
Gene Haas claimed that such a consortium was only interested in making a massive profit over a period of five years. As such, the 71-year-old was not willing to get the group on board. Haas has retained complete ownership of the American team and has relied on sponsorship funding to cover costs. While the consortium group invested over $200 million in Alpine instead for a 24% stake.
What their job is – they want to buy into you and, five years later, they want to make a $100m profit. Quite frankly, I don’t need that kind of oversight, from people who come in with $200m – it’s not enough to entice me to do that.Haas F1 team to start a new era without Guenther Steiner
Guenther Steiner played a major role in the establishment of the Haas F1 team. The 58-year-old managed to keep the team running during difficult teams in recent years. However, the Italian-American failed to deliver results as the American team struggled at the back of the grid. Subsequently, Gene Haas decided to replace Steiner before the start of the 2024 season.
Haas has appointed Ayao Komatsu as the new Team Principal. Komatsu’s vision is more in line with the 71-year-old regarding the team’s current status. Gene Haas insists that the American squad needs to extract more out of its current resources instead of investing in infrastructure.
Certainly, Haas would be in a tough spot at the start of the upcoming season. Ayao Komatsu will need to bring a much-needed direction as its new team leader. As the American team found itself stuck in the development race last year. It remains to be seen if Haas can make some progress this season.
More must-reads: