Menu
Franchises

Gene Haas Bucks Trend, Says New F1 Team Haas Formula To Be Based In U.S.

F1 CEO Bernie Ecclestone has said that it would be vital for a potential U.S. F1 team to have its headquarters in Europe. However, Gene Haas, the owner of new F1 team Haas Formula, thinks otherwise. His team will be U.S.-based, with its own way of doing things. At a press conference outside Charlotte, N.C. on Monday, Haas said, “This is going to be an American, well run, efficient organization. The same organization that you see at [NASCAR Sprint Cup team] Stewart-Haas Racing is what we're going to have.” The team’s headquarters will be in Kannapolis, N.C. with the potential of smaller offices in Germany or Italy for car assembly and disassembly. Haas Formula Team Principal Guenther Steiner also believes that having the team based in the U.S. is not a factor logistically. He said that the only time an F1 team really needs an European base is during the European races as cars and equipment do not travel to the races via plane but on trucks.

THE RIGHT PARTNER: After being granted an F1 license from the FIA to join the competition in ’15 or ’16, the next step for the new team is finding technology partners, in particular in the areas of engine and chassis. There are currently three engine suppliers in F1 -- Renault, Mercedes and Ferrari. While Renault is providing power for defending champion Sebastian Vettel and his Red Bull Racing team, Haas Formula appears to lean toward Mercedes or Ferrari for its engines. Steiner said, “We have to narrow down the partner that we're going to work with. A very important part of it is figuring out who can provide us with the technical expertise that we're going to need.” Steiner, previously technical director at Red Bull and Jaguar, has good relationships with both companies. In terms of chassis, Haas said that the team has already had preliminary talks with Dallara. While Haas Formula will heavily rely on its partners during the first couple years, the ultimate goal is to learn those processes and become a constructor.

THE AMERICAN WAY: Haas has not yet decided when the team will join F1, but he knows that he wants to avoid wasting money. “We're going to do it with an American flair for design and efficiencies, and that's how we're going to control our costs,” he said. “This is not going to be a European just throw money at things and go racing [approach].” The primary goal of Haas’ F1 team will be improving the branding of Haas Automation throughout the world. Haas said that he wants to turn Haas Automation from a machine-tool builder into a premium brand. “I think Formula One will provide that, especially in overseas markets,” he said. Therefore Haas Automation will initially sponsor the team. However, there is a five-year business plan to make the team a profitable enterprise. That plan will include some additional sponsorships.

SBJ Morning Buzzcast: March 18, 2024

Sports Business Awards nominees unveiled; NWSL's historic opening weekend and takeaways from CFP deal

ESPN’s Jay Bilas, BTN’s Meghan McKeown, and a deep dive into AppleTV+’s The Dynasty

On this week’s Sports Media Podcast from the New York Post and Sports Business Journal, ESPN’s Jay Bilas talks all things NCAA. Big Ten Network’s Meghan McKeown shares her insight into the Caitlin Clark craze. The Boston Globe’s Chad Finn chats all things Bean Town. And SBJ’s Xavier Hunter drops in to share his findings on how the NWSL is making a social media push.

Learn more about your ad choices. Visit megaphone.fm/adchoices

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Global/Issues/2014/04/15/Franchises/Haas-Formula.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Global/Issues/2014/04/15/Franchises/Haas-Formula.aspx

CLOSE