F1 News: Haas Sale Rumors Clarified By Insider After NASCAR Team Closure

Gene Haas, co-owner of the Haas F1 Team, has reportedly reiterated that he has no intentions of selling his Formula 1 operations, following news of the closure of Stewart-Haas Racing, his NASCAR venture, by the end of 2024.

The speculation about Haas’s commitment surfaced after his decision to shut down the Stewart-Haas Racing team, a well-known entity in NASCAR with a record of multiple championships. This move raised questions about the financial sustainability and focus of Haas's sports ventures, particularly affecting the F1 community where team ownership, viability, and consistency are hot topics, especially with potential new teams like Andretti eyeing opportunities in the sport.

Stewart-Haas Racing, managed jointly with Tony Stewart, cited the demanding nature and the significant resources required in competitive racing as factors leading to their decision to close. They commented in a joint statement:

“We have made the difficult decision to close Stewart-Haas Racing at the conclusion of the 2024 season. It is a decision that did not come easily, nor was it made quickly.

“Racing is a labour-intensive, humbling sport. It requires unwavering commitment and vast resources, with a 365-day mindset to be better than everyone else. It’s part of what makes success so rewarding.

"But 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."

A joint statement from Tony Stewart and Gene Haas, the co-owners of Stewart-Haas Racing, regarding the future of our team following the 2024 season. pic.twitter.com/S9hkjnTNXi
— Stewart-Haas Racing (@StewartHaasRcng) May 28, 2024

The announcement of the NASCAR team closure spurred on rumors of a potential sale of the Haas F1 team. However, according to AP News Journalist Jenna Fryer, Haas is not looking to sell at this stage. Fryer posted to social media:

"A source tells me that Gene Haas has no intention to leave F1 in wake of closure of NASCAR team."

A source tells me that Gene Haas has no intention to leave #F1 in wake of closure of #NASCAR team.
— Jenna Fryer (@JennaFryer) May 30, 2024

This could potentially be another blow to Andretti Global who are keen to join the Formula One grid. Although the American team received approval from the FIA last October, Formula One Management (FOM) rejected the application for the 2026 season earlier this year. FOM stated that the team would be reconsidered for the 2028 season when its partner, General Motors under the Cadillac branding, will produce the power unit.

However, just this week the FIA President, Mohammed Ben Sulayem, has gone back on his previous word and has now advised Andretti to purchase an existing team rather than try and join the grid as an eleventh.