Gene Haas

Rumor: Gene Haas to sell NASCAR and Formula 1 teams (5th Update)

The party line is It’s “business as usual” at Gene Haas’ Formula 1 team, even if the American millionaire has decided to pull out of NASCAR, and our sources say an F1 sale will be next.

As well as owning the Haas F1 team, the 71-year-old also co-owns the Stewart-Haas NASCAR outfit in collaboration with well-known driver Tony Stewart.

Stewart-Haas has now announced: “We have made the difficult decision to close Stewart-Haas Racing at the conclusion of the 2024 season.

“The commitment needed to extract maximum performance while providing sustainability is incredibly demanding, and we’ve reached a point in our respective personal and business lives where it’s time to pass the torch,” Gene Haas and Stewart declared in a joint statement.

The timing of Haas’ decision is interesting, as it coincides with a major development in the Formula 1 world.

Andretti-Cadillac’s struggle to be welcomed into Formula 1 as an eleventh team, whilst opposed by F1 owner Liberty Media, has always been staunchly supported by FIA president Mohammed Ben Sulayem.

But Reuters and the BBC quoted the FIA chief as declaring this week: “I would advise them to go and buy another team, not come as the eleventh team.

“I feel that some teams need to be refreshed. What is better? To have eleven teams as a number or ten and they are strong?”

Haas, an American entity like Andretti, has always insisted that its Formula 1 team is not for sale. But it would likely be the most affordable outfit for Andretti to buy, whilst perhaps strengthening F1’s sole American representation on the grid.

The existing teams also think Andretti should buy an existing team.

“I think that if Andretti want to come, then obviously their best route is to acquire one of the existing teams,” said Red Bull boss Christian Horner. “A little like Audi acquired Sauber, to protect the current franchise and stability that we have in the sport.”

A source at Stewart-Haas, however, said it’s “business as usual” for Gene Haas’ F1 project, as the CNC machine tool entrepreneur is still “fully behind” Haas F1.

An source says the team is working to improve before putting it up for sale, to increase the sale price. We heard a rumor that 71-year-old Haas may be having some health issues, but there is no confirmation of that.

Buying the Haas team is perhaps the perfect scenario for Andretti. The team already has engines, suspensions and transmissions coming from Ferrari. That could continue until the Andretti team is ready with their own car in 2026 and Cadillac’s engine is ready in 2028.

May 28, 2024 

This rumor is upgraded to ‘strong’ today based on this news about Gene Haas’ NASCAR team.  We also expect Haas to eventually sell his F1 team, but he is waiting for the team to show better results so he can get more money for the team.

The big crash in Monaco this past weekend that saw both Haas cars eliminated on the first lap and the Red Bull of Sergio Perez completely destroyed, must leave a bad taste in Gene Haas’ mouth

In a recent conversation on the Dirty Mo Media, veteran NASCAR journalists Jeff Gluck and Jordan Bianchi had a discussion about what lies ahead for Haas’ NASCAR team that he co-owns with Tony Stewart team. Gluck asked Bianchi.

“There’s been a lot of speculation about the future of Stewart-Haas Racing. It seems like it’s coming to a breaking point and it seems like things are imminent. What can you tell us about what you know in terms of where things stand right now with SHR?”

Bianchi replied by saying that Stewart-Haas Racing would confirm about their future on May 28. He also said that the team could “cease to exist” as a NASCAR Cup Series team following the 2024 season.

“It is expected that on Tuesday Stewart-Haas Racing is going to make their future known,” replied Bianchi. “They’re going to inform their employees of their decision on what they’re going to do in the NASCAR Cup Series. From the conversations that I have had with people, I would say it’s very likely that Stewart-Haas Racing is going to divest itself of charters. Could be all four charters potentially.”

“I wouldn’t expect to see that news on where the SHR charters are going to go on Tuesday but I think we’re going to learn SHR’s fate and that Stewart-Haas Racing is going to, for all intents purposes, cease to exist as a NASCAR Cup Series team after the 2024 season,” Bianchi added.

May 24, 2024 

The days of seeing Stewart-Haas Racing cars in the NASCAR Cup Series may soon be coming to an end.

NASCAR insider Jordan Bianchi has shed some new light on the future of the team and its charter situation.

According to sources within both Stewart-Haas Racing and Front Row Motorsports, the latter has become a front-runner to buy one of SHR’s charters and expand their Cup Series operation to three cars. Bianchi also says that, “According to team sources, the likelihood is that SHR divests itself of all four NASCAR charters.”

Of course, it’s not official yet that Stewart-Haas will sell any of their charters, but if they do sell all four, they will be out of NASCAR and Gene Haas’ remaining motorsports endeavor will be its F1 team….but for how long?

May 7, 2024 

The biggest team that is at least listening to offers to sell charters is Stewart-Haas Racing. Currently, a four-car team, the organization has not renewed its Ford deal yet for next year, and it has sent prospective buyers information on what it would take to purchase a charter.

There are several teams that want charters to expand. Those include Trackouse Racing, Legacy Motor Club, 23XI Racing and possibly Front Row Motorsports.  Fox Sports

April 3, 2024 

Sports Business Journal reports that charter sales at Stewart Haas Racing are a “hot topic” of discussion within the NASCAR garage.

Many insiders have indicated that rumors regarding the potential sale of the team’s charters are circulating within the Cup Series.

Although Gene Haas has publicly denied he is thinking about selling his F1 team, sources tell us otherwise, but so far, his asking price has been unrealistic.

Related Article: F1 News: Does Steiner departure open up Haas sale?

Related Article: Formula 1 News: Haas didn’t want to spend more on F1 – Steiner

While NASCAR Cup Series charter sales have reached record figures in recent times, the uncertainty surrounding the new charter deal has created doubts for potential buyers. However, newer teams such as 23XI Racing, Trackhouse Racing and Legacy Motor Club are reportedly looking to expand, with Dale Earnhardt Jr.’s JR Motorsports team also considering buying a charter.

January 14, 2024 

To say F1 and NASCAR team owner Gene Haas had a bad end to the 2023 NASCAR and F1 seasons is probably an understatement.

–by Mark Cipolloni–

Has Haas spread himself too thin, owning both a F1 team and co-owning a NASCAR Cup team with Tony Stewart?

His F1 team finished dead last in points and as a result, the team received the lowest prize money payout. After 8 years in the sport, the team does not have a single podium finish.

As a result, Haas decided to fire Team Boss Guenther Steiner and Technical Lead Simone Resta resigned.

Haas refuses to sell his F1 team to Andretti, thinking he can turn it around.

Over on the NASCAR side, the Stewart Haas Cup teams all failed to secure a single win last season.

This is a major issue for SHR and resulted in eight sponsors not returning for 2024.

The partners page on their website shows Busch Light, Gearwrench, Go Bowling, Hunt Brothers Pizza, Magical Vacation Planner, Pristine Auction, Rheem, and Smithfield all gone.

Speaking to Formula 1’s Official Website, Haas was discussing the matter of Steiner’s departure, and went on to talk about the future of his team, insisting there are no plans to offload the outfit.

“I didn’t get into F1 to sell [the team],” he said. “I did it because I wanted to race. Guenther [Steiner] had the same perspective. We’re not here to cash out, we want to race and be competitive. If you look at any team, historically, they have had a lot of good years and a lot of bad years.

“Surviving is one of the characteristics of getting better. As long as you can survive, you always have another year to prove your worthiness. This is a big change. Losing Guenther is going to cause the team to have to focus on other aspects. We will hopefully come out better for it,” he added.

Haas refuses to make the investment in infrastructure needed to turn the F1 team around.

Instead Haas F1 Team was founded on a different philosophy, with chassis being outsourced from Dallara, as well buying as many components as the rules allow from Ferrari. Haas claims it still is expensive, despite the $140-Million mandatory cost cap.

However, infrastructure has a separate $20 million cost cap allowance but according to reports, Haas refuses to invest in what is needed to design and build the entire car themselves like all the winning teams do.

He said: “There is a perception we spend a lot less money; we’re usually within $10m of the ‘performance’ budget limit. I just think we don’t do a very good job of spending that money.

“Many teams have had previous investments in their infrastructure, buildings, equipment and personnel. Our model was to outsource a lot of that. We spend a lot of money. We haven’t exceeded the cap, but we’re pretty darn close to it,” totally ignoring the topic of the extra $20 million he could spend on infrastructure so his team would not have to outsource.

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