Haas has announced the termination of its contract with Formula 1 title sponsors Rich Energy with immediate effect.

The American outfit agreed a sponsorship deal with the energy drinks company at the end of last year, with the partnership inspiring the decision to run a black-and-gold livery.

Rich Energy were keen to see Haas carry its momentum from a best-ever finish of fifth in the constructors’ standings in 2018, sighting  fellow energy drinks firm Red Bull as its target this year.

But the team’s struggles on-track led to former CEO William Storey announcing ahead of the British Grand Prix he was terminating the deal due to Haas’ “poor performance”.

The company’s shareholders prevented the split, which in turn preserved the Rich Energy branding being removed from the VF-19. The firm was also embroiled in a court battle with British company Whyte Bikes over its stag logo.

Team principal Gunther Steiner confirmed last month it would consider the future of its partnership with Rich Energy by the Singapore Grand Prix.

A statement confirming the split read: “Haas F1 team and Rich Energy have amicably agreed to end their partnership together in the FIA Formula One World Championship with immediate effect.

“While enjoying substantial brand recognition and significant exposure through its title partnership of Haas F1 Team in 2019, a corporate restructuring process at Rich Energy will see the need for a revised global strategy.

“Subsequently, Haas F1 Team and Rich Energy concluded a termination of the existing partnership was the best way forward for both parties.

“Haas F1 Team would like to express its thanks and best wishes to the stakeholders at Rich Energy.”

It is understood the split will not cause Haas to alter its 2019 colour scheme.