Court Says De Vries to Return Investment and Share F1 Income

Feb.2 - In a significant legal decision dated February 2, 2024, the Amsterdam District Court has resolved a dispute between Investrand and former Formula 1 driver Nyck de Vries, along with his father, stemming from a disagreement over an investment agreement. Owned by entrepreneur Jeroen Schothorst, Investrand initiated legal action in March 2023 to clarify the terms of the agreement and validate its claims for repayment and profit sharing. The court's decision, favoring Investrand, mandates de Vries to return the initial investment plus interest and share half of his earnings from his Formula 1 endeavors post-2022.

Back in April 2018, Investrand had invested EUR 250,000 in de Vries' racing career, facilitating his participation in the Formula 2 championship and keeping his Formula 1 aspirations viable after McLaren withdrew its financial support. The agreement stipulated that de Vries would remit 50% of his Formula 1 income to Investrand, provided he became an active Formula 1 driver before the end of 2022. A specific clause exempted de Vries from this obligation if his Formula 1 involvement was limited to test driving—a point of contention between the parties.

The Amsterdam District Court's ruling clarifies that de Vries' activities extended beyond test driving, obligating him to fulfill the financial terms of the agreement. This includes repaying the EUR 250,000 investment with interest and sharing 50% of his Formula 1 income, including his 2023 salary from AlphaTauri and earnings from personal sponsorships.

Jeroen Schothorst expressed mixed feelings about the necessity of legal proceedings, despite the favorable ruling. He highlighted Investrand's pivotal support during a critical phase of de Vries' career and expressed regret over the failure to settle the matter amicably. Nonetheless, Schothorst wished de Vries success in his future racing endeavors, albeit outside Formula 1.

The court's decision also rendered Investrand's request for the production of the 2018 McLaren agreement moot, as the main claims were satisfactorily resolved. This ruling corrects the misinterpretation spread by media reports following summary proceedings in January 2023, which inaccurately suggested de Vries had met his obligations to Investrand. The recent judgment confirms Investrand's correct interpretation of the agreement and the validity of its claims, bringing clarity and resolution to this legal matter.

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