Formula 1 Hot News

F1: Haas signs new 3-year title sponsorship deal for 2023 (Update)

Posted by AR1 staff

Moneygram will pay the Haas F1 team $20 million per year, for 3 years, for its title sponsorship deal according to Dieter Renchen of RacingNews366.com – about right for mid-field title – and the figure the team needs to move up to budget cap levels.

October 20, 2022 

Haas F1 Team, the only American team competing in the FIA Formula 1 World Championship, and MoneyGram International, Inc., a global leader in the evolution of digital P2P payments, today announced that MoneyGram will become the new title sponsor of Haas F1 Team in 2023 – when it will be known as MoneyGram Haas F1 Team.

Financial terms are not being disclosed, but a title sponsor asset for a team like Haas is valued around $40 million annually.

“We are pleased to welcome an incredible brand like MoneyGram as our new title sponsor,” said Gene Haas, Founder and Chairman of Haas F1 Team. “Since our entrance into the F1 World Championship in 2016, Haas F1 Team has earned a reputation of strength, agility and resilience. MoneyGram brings a similar drive to the world of financial services, and we’re ready to work together to maximize results on and off the track.”

Gene Haas, Owner and Founder, Haas F1, and Guenther Steiner, Team Principal, Haas F1 during the British GP at Silverstone Circuit on Sunday July 03, 2022 in Northamptonshire, United Kingdom. (Photo by Andy Hone / LAT Images)

The two organizations have signed a multiyear agreement for MoneyGram to become the lead partner of Haas F1 Team, a fan favorite in the F1 World Championship, the world’s most prestigious and popular motorsports competition with a global audience of more than 500 million. The new team name will officially take effect in 2023. In addition, the new team cars with rebranded livery will be unveiled ahead of next year’s season.

“MoneyGram is a different company than it was even five years ago. We’ve reinvented ourselves into a global leader in the evolution of cross-border payments with our fast-growing digital business and strong culture of fintech innovation – and we’re just getting started,” said Alex Holmes, MoneyGram Chairman and CEO. “We will continue to disrupt ourselves to meet the ever-changing financial needs of consumers, and we’re determined to make sure the world knows it. That’s why we’re hitting the accelerator by making our debut into the world of F1 and teaming up with Gene and Haas F1 Team.”

MoneyGram, the fastest way to send money globally, is teaming up with the fastest sport in the world. The Company’s recent advancements in cutting-edge technology and collaborations with some of the world’s most innovative brands strategically align with the most technologically advanced sport in the world.

“Our fans demand speed, and we deliver it, just as MoneyGram does for its customers,” said Guenther Steiner, Team Principal of Haas F1 Team. “MoneyGram is a global leader in fintech and payments and is always setting out to push the boundaries of technology. It’s that eagerness for innovation that really drew us to partner with MoneyGram, and we’re confident that we will continue to grow together and reach our full potential.”

A Haas F1 team press conference is held with Alex Holmes, CEO of MoneyGram, Guenther Steiner, Team Principal, Haas F1, and Greg Hall, CMO of MoneyGram during the United States GP at Circuit of the Americas on Thursday October 20, 2022 in Austin, United States of America. (Photo by Andy Hone / LAT Images)

As the sport of Formula 1 is gaining speed, so is MoneyGram. Interest in F1 has skyrocketed in recent years, evidenced by the competition’s social media channels experiencing significant growth and even outpacing the NBA and NFL in new followers. Through this partnership, MoneyGram will receive constant global visibility, as the F1 World Championship runs nearly year-round and results in extensive television coverage almost every week.

“With this bold new initiative, we are meeting our customers as well as potential new customers where they are,” said Greg Hall, MoneyGram Chief Marketing Officer. “Next year’s racing calendar has a uniquely strong overlap with MoneyGram key markets, so we are excited to unlock new channels to hear from our customers and understand their specific needs. As we look to capture growth from new customer segments, we’re also looking forward to the endless opportunities this sponsorship will bring for additional exposure to a broader consumer base.”

A global company with customers in nearly every country around the world, MoneyGram is eager to team up with a prominent organization competing in one of the few truly global sports. The F1 2023 season will take place across 24 races held in 21 countries on five continents around the world. The countries on next year’s circuit account for nearly 80% of the Company’s transaction value.

Alex Holmes concluded: “We can’t wait to officially kick off our long-term title sponsorship with Haas F1 Team and start collaborating to create exciting and meaningful customer experiences at the intersection of Fintech and Formula 1. Now let’s get racing!”

MoneyGram and Haas F1 Team are announcing the title sponsorship at the 10th anniversary of the United States Grand Prix at the Circuit of the Americas (COTA) in Austin, Texas. The press conference will be held today at 12 p.m. CDT. MoneyGram will also be activating in and around Austin throughout the weekend to celebrate the partnership.

Haas has yet to confirm its full driver line-up for next season, with only Kevin Magnussen having a contract so far.

Mick Schumacher remains an option for the squad if he can end the year strongly, with Aston Martin reserve Nico Hulkenberg also emerging as a strong candidate.