Feb 2, 2024 at 10:06 AM Update: 10 minutes ago
Nyck de Vries has lost a lawsuit against Investrand, forcing the former Formula 1 driver to repay hundreds of thousands of euros. The investment company of entrepreneur Jeroen Schothorst had initiated proceedings on the merits regarding a failed agreement with De Vries and his father.
De Vries borrowed 250,000 euros from Schothorst in 2018, so that he could participate in Formula 2 that season and keep his dream of promotion to Formula 1 alive. If De Vries were to drive permanently in Formula 1 before the end of 2022, he would have to share 50 percent of his income with the investment company, according to Investrand.
But if De Vries were not active as a Formula 1 driver before the end of 2022 or he had made other choices in his career, Investrand would have to write off its investment and De Vries would owe nothing to the investment company.
The 28-year-old De Vries made his Formula 1 debut during the Italian Grand Prix in 2022, replacing Alexander Albon at Williams. The Dutchman finished ninth and reached an agreement with AlphaTauri for the 2023 Formula 1 season.
At De Vries’ request, Investrand agreed to an exception in case De Vries would participate in Formula 1 exclusively as a test driver. The court in Amsterdam has now ruled in favor of Investrand and ruled that De Vries was not active exclusively as a test driver in Formula 1 until the end of 2022.
Nyck de Vries during his debut weekend in Formula 1 in 2022. Photo: Getty Images
Schothorst: ‘It is better to make an arrangement in good consultation’
The verdict means that De Vries must repay the investment of 250,000 euros with interest and must also pay 50 percent of all his income as a Formula 1 driver to Investrand after the end of 2022. This includes his salary in 2023 at AlphaTauri and his income from personal sponsorship during that period.
“We supported Nyck at a crucial moment in his career, when no one else wanted to do it anymore,” says Schothorst. “I am happy that we have now been ruled in the right by the judge, although I naturally regret that this procedure was necessary. We would have preferred to reach a settlement without procedures in good consultation, but unfortunately our attempts to do so have always been resolutely rejected. by Nyck and his lawyer.”
De Vries is now active as a driver again. He has been driving in Formula E for the Indian team Mahindra Racing since January. De Vries is also active in the World Endurance Championship for Toyota. The 24 Hours of Le Mans is included in this championship.
Beeld: Getty Images
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2024-02-02 09:06:27
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