AlphaTauri’s new signing, Nyck De Vries, has found himself stuck in a court case after allegedly breaching the agreements of a deal set out in 2018.
Back then, real estate Jeroen Schothorst had lent De Vries a sum of $270,000 to complete his contract in F2. Schothorst now has accused De Vries of withholding information and violating agreements that they had originally signed.
At the time, both parties had agreed on a 3% interest rate and a remittance of as much as 50% of the income that the Dutch driver would earn from his F1 activities. Furthermore, it stated that if De Vries cannot secure an F1 seat by the end of 2022, the loan would be waived.
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Nyck De Vries assumed the loan had been waived
Since the agreement, De Vries has paid almost about $200,000 as interest. He got signed as AlphaTauri’s new driver in the 2022 silly season. His contract with the team was set to begin on 1 January 2023, so the Dutch driver assumed the loan to have been waived off as had been agreed.
But Schothorst doesn’t want to agree with any of this. He argues that De Vries hid some crucial information about his earnings and contracts. If the Dutch driver refuses to comply, he might even face penalties.
This is an absolutely bonkers story. Apparently Nyck de Vries took out a €250k loan to fund his chances of reaching #F1, which if successful (and happened by the end of ’22) promised his lender 50% of total earnings too. He signed his deal for ’23, but lender is still suing him. pic.twitter.com/3JrWmqWbtt
— Simon Dau (@there_is_no_if) January 18, 2023
De Vries disagrees with his lender
After the accusations, the AlphaTauri driver denies all the claims that have been made by his lender, saying that he has provided all required information.
De Vries’ lawyers have argued that Schothorst, who owns the investment company, Investrand, cannot stomach the fact that De Vries secured a seat in F1 in 2023 and not in the final year of the agreement.
Moreover, it is also reported that De Vries rejected an offer from Schothorst to become his manager in Formula 1. The Amsterdam court has decided to rule on the case in February.
