Motor racing-Haas lands MoneyGram as title sponsor

MoneyGram International

20/10/2022 13:50

By Steve Keating
       Oct 20 (Reuters) - The Haas Formula One team will have
payments and money transfer company MoneyGram  MGI.O  as their
title sponsor from next season in a multi-year deal that will
provide a welcome infusion of cash for the series' only U.S.
based outfit.
    The backing was officially announced at a coffee shop in
downtown Austin on Thursday ahead of this weekend's U.S. Grand
Prix at the Circuit of the Americas. 
    Haas entered F1 in 2016 and have spent much of that time
without a title sponsor other than Haas Automation, the company
of machine-tools industrialist and team owner Gene Haas.
    The Ferrari-powered team are eighth out of 10 teams in the
constuctors' standings, level on points with ninth-placed
AlphaTauri.
    Uralkali, owned by Russian billionaire Dmitry Mazepin, was
the team’s most recent title sponsor but the Potash producer was
forced out of the sport in February after the oligarch was
placed on a European Union sanctions blacklist over Russia's
invasion of Ukraine, which Moscow calls a 'special operation'.
    MoneyGram CEO Alex Holmes told Reuters that Formula One and
Haas were the perfect fit for a company that operates in more
than 200 countries and territories and is seeking to energise
its brand.
    Next year will have a record 24 races across 21 countries
and five continents, including three in the United States.
    "We like to think of ourselves as one of the fastest ways to
send money and F1 being one of the fastest sports in the world
we think it is a fantastic overlap and extremely unique
opportunity for us," Holmes told Reuters.
    "When you think about Haas itself they are a bit of a rock
and roll kind of team and under Gene's leadership and
partnership with Guenther (Steiner, team principal) I think they
have created a really compelling team.
    "Many people might thing they (Haas) are kind of underdogs
and absolutely that's what's fun about it - people want to root
for them, they want them to be successful and I think it is
great partnership."
    MoneyGram has explored sport sponsorship before and has
partnered ICC Cricket and Major League Soccer club FC Dallas.
    Holmes said the company had many opportunities to get into
Formula One but it was only recently that it found the right fit
and timing, with the sport seeing a spike in popularity partly
due to the acclaimed Netflix series 'Drive to Survive'.
    'GAME CHANGER'
    The three races in America, including the U.S. Grand prix
near MoneyGram's Dallas home base, were attractive with Holmes
describing the addition of Las Vegas to the calendar as a "game
changer".
    "I think it was a combination of (things) a changing of the
framework around the brand Formula One, the introduction of some
of the new races and clearly the association with Netflix's
'Drive To Survive' that's really brought in a completely
different demographic," he said.
    "The Vegas race I think is a game changer. I think Miami has
a lot of glitz.
    "Races that have been so historic, so iconic for so many
years, like Monaco, hold that lustre, but to add something like
Las Vegas I think is like Monaco modernised on steroids. 
    "It is an opportunity to make the sport just come alive in
the U.S. market."
    The Haas driver lineup features Danish veteran Kevin
Magnussen and Mick Schumacher, son of seven-times world champion
Michael, but the German is out of contract at the end of the
season and faces an uncertain future.
    Haas have in the past required drivers to bring sponsorship,
or the backing of Ferrari, but Steiner indicated that the team
will face fewer limitations in a number of areas as a result of
the MoneyGram deal.
    "With the right finances everything goes better," he told
Reuters. "We are working to see what we want to do ... we don't
put a deadline on because otherwise if we don't achieve it you
put yourself under pressure to make a decision and maybe the
wrong one or you disappoint people. 
    "We keep completely open and once we know exactly what we
want, once we have done a deal, we will announce it."
 (Reporting by Steve Keating in Toronto; Editing by Ken Ferris)
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Messaging: steve.keating.reuters.com@reuters.net))