Haas racing team on brink of COLLAPSE after 'eight-figure' losses

The future of Haas F1 has long been a source of speculation in the F1 paddock, with both financial and personnel issues blunting the team's progress in recent years.

And yet, in spite of the numerous challenges owner Gene Haas continues to face, it is his NASCAR team which looks to be on the chopping block instead - with Stewart-Haas reportedly set to be sold off.

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The writing has been on the wall for the beleaguered NASCAR team - part-owned by Haas F1 chief Gene Haas - as earlier this year, Adam Stern of Sports Buisness Journal reported that they were looking to run fewer cars at races.

Fast forward several months, and the crisis appears to have deepened, as Stern suggests in SBJ that co-owners Tony Stewart and Haas may cash out of the sport and look to sell off the team in its entirety.

As things stand, there are no indications that the NASCAR team's financial difficulties will directly impact Haas F1, although the news will likely cause some concern among the team's 200+ strong workforce.

Stewart-Haas enjoyed great success in NASCAR throughout the 2010s, winning championships in both 2011 and 2014.

And yet, a drop in performance in subsequent seasons placed greater financial stress on the team, leading to huge losses over the past 12 months.

“They’ve lost eight figures in just the past year due to the departures of Anheuser-Busch, Smithfield Foods and Hunt Brothers Pizza,” Stern writes.

“Since then, neither team co-owners Tony Stewart and Gene Haas have addressed the rumors, which have only intensified, according to industry sources as well as published reports from Fox Sports. Fox reported earlier this month that SHR ‘has sent prospective buyers information on what it would take to purchase a charter.'”

Stern claims the team could now sell all four of its charters.

With rumors swirling, some Stewart-Haas employees are reportedly planning their exit strategies - approaching rival teams in the eventuality of a full-scale sale.

“Due to the uncertainty around SHR, some of its drivers and their agents have started reaching out to other teams about options for next year in case they lose their seat, according to three people familiar with the matter,” Stern writes.

Due to the uncertainty around @StewartHaasRcng, some of its drivers and their reps have started reaching out to other teams about options for next year in case they lose their seat, according to three people familiar with the matter.

🗞: https://t.co/ZPwcbtO255 pic.twitter.com/80x1cPc1As

— Adam Stern (@A_S12) May 20, 2024

NASCAR strife aside, Haas show no signs of leaving F1 just yet, with the American team currently seventh in the 2024 F1 Constructor's standings - ahead of rivals Alpine, Williams and Sauber.

With a NASCAR exit potentially in the offing, Haas F1 fans and employees alike will be hoping the outspoken owner continues to back the team well beyond the upcoming 2026 regulation changes.

READ MORE: Imola GP attendee reignites new F1 race rumors

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