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Rich Energy gets a new name as CEO Storey is forced out!

Rich Energy frontman William Storey has been ousted as the company's CEO and is no longer a controlling shareholder of the entity which has been renamed 'Lightning Volt' according to UK documents.

The ongoing tribulations of the Haas F1 Team sponsor took another turn on Tuesday, with documents filed with the Companies House confirming Storey's departure along with fellow company director Zoran Terzic, and the registration of a new name and a new company address.

Storey confirmed on Twitter his own demise, although the message reflected the maverick's typical nonsense and absurd take on events.

Haas sponsor Rich Energy in breach of court order

"William Storey founder of @rich_energy has sold his majority stake in the legal entity of Rich Energy limited. This decision was reluctantly reached due to the duplicitous conduct of minority stakeholders. To quote @Schwarzenegger he will be back!"

While Rich Energy - now trading as Lightning Volt - has undoubtedly done the right thing by shedding Storey's dead weight, it's unclear whether the company will continue conducting business in the energy drink segment.

©Haas

It's also unclear whether Haas will retain the presence of its title sponsor on its cars for the remainder of the season.

The team has nonetheless yet to publicly address Tuesday's developments involving its now former sponsor and in what livery its cars will race in Germany.

Last week, after Storey claimed that Rich Energy had unilaterally terminated its sponsorship agreement with Haas, the US outfit fought back, claiming a repudiatory breach of contract and a right to claim damages to the tune of £35 million!

While F1 has perhaps seen the last of Mr. Storey, litigation between Haas and the various parties, including Storey, will surely be ongoing.

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.