William Storey: Who is he? controversial former F1 executive to spend £50 million on club.

William Storey: Who is he? controversial former F1 executive to spend £50 million on struggling football club

William Storey, who rose to fame after being associated with F1 team Haas and then canceling a sponsorship contract after a few months, is expected to take over Reading.

As a deal for Reading approaches, William Storey is poised to sign with a football team for the third time in a row.

 

 

Subject to passing the criteria for fit and proper owners, the CEO of the energy drink Rich Energy plans to pay £50 million to acquire the ailing League One team. Storey has previously tried to purchase Coventry City and Sunderland, although both attempts were unsuccessful.

The businessman has promised to pay off the club’s debt, which includes the stadium and the cutting-edge Bearwood Park training facility. After purchasing the club entirely, Storey has quietly pledged to invest in the team, even if it means raising funding.

He tweeted earlier this week: “Reading icon John Madejski. He accomplished a great job and over a long period of time demonstrated great dedication to the club and the community. I hope he will support the new owner, and it is crucial that everyone acknowledges Dai Yongge’s enormous efforts and financial contribution.

Storey is best known for his participation with Haas in Formula 1, however fleeting it may have been. After receiving negative feedback on social media, his business later canceled a lucrative arrangement to serve as the title sponsor.

The 45-year-old was raised in Richmond, where Rich Energy has its headquarters. He attended school in Kingston before continuing on to St. Andrew’s University. Storey engaged in a number of different business endeavors, but he is most closely identified with Rich Energy.

When Force India, now called as Aston Martin, ran into financial trouble, he reportedly put together a bid to buy the team, but Storey wasn’t considered as a long-term owner who could sustain the organization. He consequently modified his strategy and turned into a title sponsor.

The F1 team decided to join forces with Haas and ditch their own color scheme in favor of the rich energy can’s black and gold. Storey was outspoken about his intentions to surpass Red Bull, the market leader, declaring that he aimed to defeat the Austrian business “on and off the track.”

 

After concluding the first day of testing ahead of the Red Bull crew, they declared themselves to be #BetterThanRedBull on Twitter. However, the alliance only lasted a few months, and just before the British Grand Prix, Rich Energy’s official Twitter account reported the company had ended its association with Haas.

They attributed it being effective right away to Haas’ subpar on-track performances. Storey said that the team’s vehicle resembled a “milk float” in an article for The Sun. Later making fun of their appearance at Silverstone, where both cars were retired.

His involvement in a different sponsorship controversy last year concerned the British Superbike squad OMG Racing Yamaha, whose bikes have been painted in the black and gold Rich Energy livery since 2020. The team released an odd statement claiming that “the global sales and distribution rights holder” for the drinks made by Rich Energy, not CEO William Storey or the owners of the company’s brands, was sponsoring them. The sponsorship arrangement, they continued, “remains firmly in place at this time.”

When questioned, Storey’s contentious divorce partner and Haas team principal Guenther Steiner responded, “I read it because I saw it. Here we go again, that was the only thing I could think to say. Although I have no idea how much money these guys had, at least we ended up with something.