Haas next to furlough most of UK staff

Date published: April 12 2020

Haas

Haas have become the fifth Formula One team to place most of their UK-based staff on furlough leave.

They follow McLaren, Renault, Williams and Racing Point in taking advantage of the scheme that sees the government contribute 80% of an employees wages, up to £2,500 a month.

Haas confirmed to the official F1 website that a few key personnel will continue to work, but on reduced salaries.

Haas’ drivers Romain Grosjean and Kevin Magnussen have agreed to a reduction of their salaries, according to the report.

This means that half of the Formula 1 grid have now taken advantage of the scheme as the sport continues to battle against the coronavirus pandemic.

Seven of them ten teams are based in the UK with only Mercedes and Red Bull yet to announce any salary reductions.

Formula 1 teams are on a shutdown period which would usually serve as the summer break in August – that has been brought forward with the season yet to start and extended from three to five weeks.

Williams has taken further action to secure their financial future which includes a loan from their driver Nicholas Latifi’s father Michael.

Speaking about the measures to Autosport, deputy team principal Claire Williams said: “Following the sale of WAE at the end of 2019 we began a refinancing process.

“After considering a number of options, we have now concluded our refinancing with a consortium of lenders, all of which was negotiated on an arms-length commercial basis.

“The loan package provides us with the resources that we need moving forward.”

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