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Conflict at Haas as Steiner’s claim to $900 million in muddy waters

The Team Principal and founder are in disagreement over the ownership of the American Formula 1 outfit

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Haas F1 boss Guenther Steiner could take team founder Gene Haas to court over a dispute regarding who owns the Formula 1 team.

Guenther Steiner | Haas F1 Team
Guenther Steiner has been the Haas F1 Team Principal since its inception in 2014 (Image Credit: Haas F1 Team)

The Italian-American is believed to be upset with the founder over the latter’s failure to acknowledge him as a part-owner of the business. According to BusinessF1 Magazine, Steiner made an agreement back in 2016 that he would claim a 50% stake in the F1 division. Gene denies such a claim.

With the MoneyGram Haas F1 Team valued at around $900 million, this could mean Steiner would lose out on ~$450 million should the team decide to sell.

If the pair are unable to come to a resolution soon, the conflict of interest may eventually have to be settled in court.

While Steiner told that he has a good relationship with Gene, he also hammered home the fact that he was involved in the formation of the Haas F1 Team from the very beginning. He said: “I think it has to be my passion project. I started this team. I went out and found an investor.”

Why now? Because money

The question is, why has this issue only cropped up in recent times?

The F1 outfit’s valuation has steadily grown year on year, as both Steiner and the Haas family have been instrumental in the financial success of the business to a near $1 billion valuation.

Steiner has likely realised the large sum of money he may miss out on if he isn’t acknowledged as a major stakeholder of the Haas F1 Team.

Speaking with Mirror Sport recently, the 58-year-old revealed that Haas has received countless offers to buy the team. He stated: “Every week, we get offers for someone to buy the team. But it’s not for £1! It’s hundreds of millions now. It’s now a good investment and a good thing to have.”

With a potential sale knocking at the door, Steiner needs to resolve the situation quick if he wants what he believes is his fair share.

Feature Image Credit: Octane Photographic Ltd.

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