F1 News: Rich Energy Founder Eyes Football Entry After Controversial F1 Stint

Rich Energy founder William Storey is reportedly attempting to purchase Reading Football Club.

William Storey, founder of Rich Energy and one-time sponsor of the Haas F1 team, has seemingly shifted gears by reportedly engaging in purchasing talks with Reading Football Club. The move comes after a controversial journey in motorsport sponsorship, signalling Storey’s continued ventures into the realm of sports investment.

Key Takeaways

• After a fractured journey in motorsport sponsorships, involving contentious terminations of deals with Haas F1 and OMG Racing, Storey's attention pivots towards football, despite previous unsuccessful attempts to acquire Coventry City and Sunderland FC.
• A purported agreement between Storey and Reading FC owner Yongge Dai awaits approval, hinging on the EFL’s ‘fit and proper persons test’ amidst a £50m deal.
• With relegation, a meagre point tally, and financial tribulations haunting them, Reading FC emerges as a high-stake investment, especially given their recent history and present struggles in League 1.

In a distinct departure from Formula 1 and motorbike racing, William Storey, via his company Rich Energy, embarks on a new venture within the footballing world. Despite a checkered past in motorsport – notably, a fractious sponsorship with the Haas F1 team, which "amicably" ended amidst dissatisfaction with the team's performance, and a cancelled deal with OMG Racing due to reported “bad faith” actions – Storey’s ambition within the sports investment arena remains unhindered.

Haas Press Image

This isn't Storey's first attempt to get into football; previous bids for Coventry City and Sunderland FC ended without fruition. Now, as per the Daily Telegraph, terms have been agreed with Yongge Dai for Reading FC in a deal purported to be worth £50m. Yet, this acquisition hangs in the balance, subjected to the rigours of the English Football League's scrutiny through their 'fit and proper persons test.'

Reading FC, known to fans as The Royals, has encountered its share of woes. Relegated and languishing in the relegation zone in League 1, the team has garnered a mere six points from 11 games this season. A looming winding-up order from HM Revenue & Customs further punctuates the precarious situation that awaits potential management.

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While the outcome of the Reading FC deal looms uncertain and contingent on EFL validations, Storey’s persistence in embedding himself within the sports sponsorship arena prevails as a constant.