William Storey

William Storey, the outspoken and controversial founder of former Haas F1 team sponsor Rich Energy, has pulled out of the race to buy Reading Football Club.

The title sponsor of the Haas Formula 1 team, Rich Energy, has changed its name and confirmed the exit of CEO William Storey.

Sponsorship in Formula 1 is going through a funny phase right now. While blue-chip brands and big names such as Shell or Heineken remain heavily involved, plenty of new, more niche names are also joining the sport.

Haas Formula 1 chief Güenther Steiner says he wants to avoid a “war of words” over a claim Rich Energy has cancelled its title sponsorship agreement, but plans to deal with the matter following this weekend’s British Grand Prix.

David and Goliath - the story of the young and diminutive David overcoming Philistine giant Goliath in combat - is seen as the perfect way to denote a typical underdog scenario.

Haas’ new backers Rich Energy has set its sights on challenging Red Bull both “on and off the track” upon its entry to Formula 1.