Rich Energy CEO brands his own company’s statement a ‘coup’

Silverstone, UK

British Grand Prix – Rich Energy CEO Williams Storey has turned on his own company after they issued a statement denouncing Wednesday’s Haas sponsorship debacle.

Rich Energy CEO Williams Storey has responded to the statement released by the company on Thursday. In an ever increasingly complicated and bizarre story, Rich Energy tweeted on Wednesday that they had terminated their contract with the Haas Formula 1 team, citing ‘poor performance’.

Following on from that, team boss Guenther Steiner said that the drinks company remained the title sponsor of Haas. Later on Thursday, Rich Energy released a statement to say that the tweet was the result of a rogue employee, who they were in the process of removing from executive duties.

Hours later, another tweet from the Rich Energy account was shared: this time from CEO William Storey. He said: “The ludicrous statement by minority shareholders cosy with Red Bull and Whyte Bikes is risible. Their attempted palace coup has failed. I control all of the assets of Rich Energy and have support of all key stakeholders.”

It’s unclear what is next for Rich Energy. FormulaSpy understands that Storey is no longer part of Rich Energy and that a new management structure at the company is due to be announced imminently; however, there is yet to be formal confirmation of this.

For now, the Haas team appear to be unaffected by the off-track legal problems that Rich Energy are going through and their title sponsorship agreement remains in place.

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Thomas Maher

Co-owner, Chief Editor and a journalist for - Ireland's only accredited F1 & Formula E website.

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