Rich Energy founder releases rambling video, claims to be returning to F1


Controversial Rich Energy boss William Storey has posted a series of video clips across social networks where he claims he has an agreement to take a majority stake in an existing Formula 1 team.”I’m delighted to announce that Rich Energy is coming back to Formula 1,” Storey declared, before going off on a tangent blaming Sergio Perez for his arrangements to invest in Force India falling through in 2018. He went on to claim he had Russian investors supporting his bid to purchase the assets of the team, which was subsequently rescued by a consortium led by Lawrence Stroll, father of driver Lance Stroll.The former Haas F1 Team sponsor admitted having considered joining Formula 1 as a new constructor before deciding the financial commitment was too large. Rich Energy has also sponsored entries in the British Superbikes and British Touring Car Championship.Rich Energy splashes the cashWhile the product itself may be scarce in its availability, the drink manufacturer seems to have plenty of cash to splash across motorsports.According to William Storey, Rich Energy has “agreed to a deal to buy a majority stake in an existing F1 team,” although which team he was referring to was not specified. He gave some additional details, specifically that the drinks brand would become a full title sponsor of the team in question for the 2022 season.Rich Energy and their former partner Haas F1 Team went their separate ways during 2019, with Storey blaming the poor performance of the team and the politics within F1.Alfa Romeo is thought to be the most likely target of Rich Energy boss Storey’s advances. Kimi Raikkonen was an expensive signing for the small Sauber Motorsport operated team, who have a strong history of bringing sponsors into the sport, including Red Bull and Petronas.
Published 14 Feb 2021, 23:50 IST

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Monaco F1 Racing Team “ready to take necessary steps” to enter Formula 1


The Monaco F1 Racing Team, a new team based out of the famed principality of Monaco, which hosts F1’s annual crown jewel event, could potentially be the 11th team on the starting grid soon.Salvatore Gandolfo, founder and CEO of management firm Monaco Increase Management, is the man behind Monaco F1 Racing Team.Gandolfo’s plans for entering the sport date back to 2019, when the team had first made known their intentions to set up an operation in Spain running out of Formula 2 squad Campos Racing’s facilities. Former F1 driver Pascal Wehrlein could feature in Monaco F1 Racing Team’s lineup. Image courtesy: Getty ImagesSince then, Gandolfo hoped to enter the Monaco F1 Racing Team in F1 from 2021 to take advantage of the change in technical regulations and budget caps that were planned from this year. However, while the budget caps were enforced for 2021, the onset of the COVID-19 pandemic postponed the implementation of the new technical regulations to 2022.You might also like: Formula 1 2021: Driver Lineups and Grid Changes$200m waiver for Monaco F1 Racing Team?One of the primary motivations spurring the Monaco F1 Racing Team’s interest in entering the sport is the possible waiver of a $200 million “anti-dilution” fee by the sport’s governing body. While the fee is intended to be divided up amongst the existing teams, it has reportedly impacted the F1 plans of other hopeful new outfits, such as Panthera.During a press call on Feb. 6, new F1 CEO Stefano Domenicali confirmed that the fee could be waived in certain situations.“We are trying to put in place ideas that will be very attractive for new OEMs to be part of the business …To make it attractive for any (incoming) OEM to either produce an engine or be part of an engine-plus-chassis production, the cost will be the big equation on which we need to start the discussion.”

In response, Gandolfo stated on the official Monaco Increase Management website:“We believe that the recent statements of the new F1 CEO Stefano Domenicali, which suggest that the $200M entry fee for new teams could be waived, represent a step forward in the right direction. We appreciate the open attitude of both Stefano and the FIA and are ready to take the necessary steps in order to have our application finalized.”Also read: What is the Concorde agreement and its role in Formula 1?Some of the notable names involved with Monaco F1 Racing Team include former Ferrari boss and Super Aguri managing director Daniele Audetto, while Pascal Wehrlein (Formula E) and Alex Palou (Indycar) have been tabbed as possible drivers.More about Pascal Wehrlein: How have F1’s big academies fared?
Published 09 Feb 2021, 17:53 IST

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