“According to unanimous legal scholars and case law” – Haas has instead demanded Uralkali for payment in lieu of ‘loss of profit’ after Russia’s invasion of Ukraine led to them sacking Nikita Mazepin.
Haas has hit back at the Mazepins after the latter demanded the American group repay the sponsorship money for the 2022 season.
For those unaware, the Russian invasion of Ukraine led to Haas sacking its Russian partners Uralkali and its backed driver Nikita Mazepin.
This did not impress Uralkali one bit, and they have since demanded payment to the tune of $13million [£9.95million].
This was their official note on the matter:
“As most of the sponsorship funding for the 2022 season has already been transferred to Haas and given that the team terminated the sponsorship agreement before the first race of the 2022 season, Haas has thus failed to perform its obligations to Uralkali for this year’s season.
Uralkali shall request the immediate reimbursement of the amounts received by Haas.
⚠️ | Gene Haas on the impact of losing Uralkali:
“We’re fine. We’d like more money of course, but we’re fine.
This just gives us a bigger negative number”.— F24 (@Formula24hrs) March 7, 2022
Haas vs Uralkali, big time!
Haas has now instead demanded $8.6million [£6.55million] in compensation from Uralkali for ‘loss of profit’ after the sponsorship agreement was cancelled.
“According to unanimous legal scholars and case law, the party which terminates the agreement for breach of the other party is under no obligation to return to such party what it has already received under the agreement.
“The claim of Uralkali to obtain the re-payment of the down paid amount of EUR 12,000,000 is therefore ungrounded and rejected.”
This is set to go to the Court of Arbitration for Sport, with both parties hell-bent on recovering its apparent dues. Watch this space for more!
