Formula 1
Magnussen: "Great" title sponsor has changed Haas F1 situation
Kevin Magnussen believes that Haas's title sponsorship deal with financial services company MoneyGram has ensured a "bright" future for the American Formula 1 team after years of fiscal uncertainty.
Jake Boxall-Legge Filip Cleeren
Edited: Aug 24, 2023, 7:07 AM
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A multinational business dealing in money transfers, MoneyGram became Haas's title sponsor for the 2023 season and beyond on a multi-year deal.
The deal emerged after the team had ended its deal with previous title sponsor Uralkali - a Russian chemicals giant owned by Dmitry Mazepin, father of former driver Nikita - ahead of the 2022 season in response to the outbreak of the Russo-Ukrainian war.
Haas also faced an early end to a title sponsorship deal in 2019, when the team terminated its controversial deal with beverage company Rich Energy.
Reflecting on his second stint in F1, Magnussen felt he would be enjoying himself more with a competitive car, but that the thrill of the chase had kept him hungry for success.
He explained that the MoneyGram deal had ensured reasons to be optimistic within the Haas team and that the partnership had "changed the situation" for those involved.
"Of course, it's more fun when you're strong and competitive, but there's also something satisfying in the chase. I know with this team that it goes in waves sometimes, and comes and goes," Magnussen said.
"I think at the moment we're in a sort of a bit of a place where we certainly want to move forward.
A Haas F1 team press conference is held with Alex Holmes, CEO of MoneyGram, Guenther Steiner, Team Principal, Haas F1
Photo by: Steven Tee / Motorsport Images
"And I think where we are as a team right now, there's a lot of reason to be optimistic and I think the future is looking very bright for us.
"We've got a great title sponsor with MoneyGram. They have changed the situation in the team a lot. I think from here there's a great reason to be focused and dedicated to get back to where we want to be."
Haas principal Guenther Steiner added that the team was in discussion with further sponsors to ensure the squad could be more self-sufficient, and that interest was strong owing to the improved job F1 has done with advertising itself.
He warned that adding more sponsors to the team's roster would not be the work of a moment, and that potential sponsors and partners had to do their own due diligence before committing to a deal.
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"There's still a lot of interest in general relationships, but we are talking with different parties in the moment," he said.
"There's very good interest and I think you can see also, very good interest when you see during a race weekend how much advertising is on the racetrack and things like this.
"We've got quite a lot of discussions going on. In a normal sponsorship discussion, people want to know the facts and everything, they take their time and they are not in a hurry now to sign for next year. But discussions are good."
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