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Wesley Branton | July 16, 2019 @ 4:27 pm
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The final chapter of the Rich Energy drama has been written, putting to an end the bizarre situation between the Haas F1 Team and their title sponsor. According to business filings, the CEO has stepped down and the company has been branded.
Rich Energy has been a hot topic in the past few months. They became the Haas F1 Team’s title sponsor at the start of the season. In the Spring, the company was taken to court over their logo. In the aftermath of their loss in court, CEO William Storey began acting erratically.
First, he terminated the company sponsorship deal due to poor performance, leaving the company holding a £35m bill for early termination fees. The shareholders pushed back against this move, which they had no input over. The CEO took control over the company social media accounts and used them to attack Haas and the Rich Energy shareholders.
Earlier today, according to business filings, a number of changes were made.
Firstly, William Storey and Zoran Terzic were both ejected from their positions as directors of the company. Storey also sold his majority stake in the company, although reports suggest that he will retain control over the Rich Energy social media accounts.
The company headquarters were relocated to the Newcombe House at Notting Hill Gate in London. The address originally included The BDG Group but was later amended to exclude that business name. The BDG Group is a UK firm specializing in businesses experiencing financial hardship and facing insolvency.
Matthew Kell has taken majority control of the company, also serving at a director. He has also been appointed to the position as director on six other companies this year. The company has been renamed Lightning Volt Limited.
It’s currently unknown what is happening the Haas F1 Team sponsorship. The team is likely to work with the company’s new management to continue the deal, as this was their intention according to legal letters leaked by the company’s former CEO.
However, the situation has left the Lightning Volt Limited in a weak financial position. Mismanagement by the former CEO has left the company with some debt. The company’s financial condition was already in question before this situation, with records painting the picture of a company with no money.
It’s unclear whether the company has enough money to continue operations, let alone continue their partnership with Haas. Only time will tell.