The title sponsor of the Haas Formula 1 team, Rich Energy, has changed its name and confirmed the exit of CEO William Storey.

Following a week-long saga that saw Storey claim he had terminated Rich Energy’s title partnership with Haas due to the team’s “poor performance”, only for the brand to confirm its commitment to the agreement, Rich Energy has now rebranded itself as ‘Lightning Volt’.

The change was confirmed in documents issued to Companies House in London, with Storey losing his directorship and standing as a person with significant control within the company.

It was claimed via Rich Energy’s Twitter account that Storey had sold his majority stake in the company, allegedly “in disgust at conduct [sic] of duplicitous minority stakeholders,” adding: “In the worlds of [Arnold] Schwarzenegger he’ll be back!”

It remains unclear if Haas will change its official entry name from ‘Rich Energy Haas F1 Team’, with the team giving no comment on Tuesday evening.