F1 News: Nyck De Vries Spared Huge Financial Blow As Judge Rules In His Favour Over Dispute
The District Court of Amsterdam has issued a verdict in favour of AlphaTauri driver Nyck de Vries in a legal dispute with one of his long-time sponsors. The case revolves around a loan agreement provided by Investrand, an investment fund run by Jeroen Schothorst, for the amount of €500,000.
According to the agreement, the Dutch driver was required to pay a fixed rate of three percent annually to Schothorst, as well as fifty percent of his income from all Formula 1-related activities. The remaining amount of the loan would be waived if de Vries failed to secure an F1 seat by 2022.
The dispute arose when de Vries stepped in last minute for Alex Albon in the Williams for the 2022 Italian Grand Prix. Schothorst argued that the payment clause was activated by de Vries' participation in the race. However, the judge ruled that de Vries was not contracted as a race driver at that time, and was only carrying out his duties as a reserve driver. The judge explained:
“He was not contracted as a race driver at that time. He was merely filling in for another driver with appendicitis.”
Schothorst also accused de Vries of withholding information by failing to provide copies of all business agreements, including his contract with McLaren. De Vries used a 26-page transcript of WhatsApp conversations as evidence to show regular contact with Schothorst and prove that he had fulfilled all his obligations towards Investrand.
The judge ruled that de Vries did not have to supply further copies of his McLaren contract as it was signed prior to his loan agreement with Schothorst. There was also no evidence to support the claim that de Vries had withheld information from Investrand, and he did not have to supply copies of his AlphaTauri contract.
De Vries, who is about to embark on his rookie season with AlphaTauri driving alongside Yuki Tsunoda, explained in a statement:
“I have fulfilled all my obligations towards Investrand under the loan agreement and have always provided him with all the information he was entitled to under the loan agreement.
“Therefore, as far as I am concerned, the fact that the judge ruled in my favour was in line with my expectations. Hopefully things will now die down so that I can focus on preparing for the Formula 1 season.”