Haas announces new title sponsor for 2023 F1 season

Haas, the only American racing team on the F1 grid, has announced Moneygram as the new title sponsor for the team. The team was without a title sponsor after it cut its ties to the Russian company Uralkali. As a result, the team has been short of finances this season and has introduced just one upgrade all season.

Team owner Gene Haas welcomed the association with MoneyGram as he said in the team's press release:

“We are pleased to welcome an incredible brand like MoneyGram as our new title sponsor. 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.”

Alex Holmes, MoneyGram Chairman and CEO, was happy with the association that enabled his organization to make its debut in the world of F1. He said:

“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. 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.”

Guenther Steiner, Haas F1 team principal, and the man who has been responsible for the outfit's resurgence this season said:

“Our fans demand speed, and we deliver it, just as MoneyGram does for its customers. 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.”

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MoneyGram excited to unlock new channel to reach customers with Haas

Greg Hall, MoneyGram's Chief Marketing Officer, indicated why the association with an F1 team and entry into the sport made sense for his organization. He talked about how F1's calendar next season overlapped with some of the key markets for the company and how the sport could be a tool to reach its prospective customers. He said:

“With this bold new initiative, we are meeting our customers as well as potential new customers where they are. 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.”

For a team like Haas that has been struggling for finances all season long, this is a positive step forward for the team.