F1 star De Vries being ‘sued by real estate magnate over £220k loan’
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Formula 1 star Nyck de Vries has reportedly been taken to court by Dutch real estate millionaire Jeroen Schothorst. De Vries, who has recently burst onto the motorsport scene has been accused of breaching a term of a loan agreement that the 27-year-old is said to have signed in 2018.
2023 is set to be a big year for the Dutchman, having been given his first ever F1 seat as part of the AlphaTauri team.
According to Dutch news outlet Financieel Dagblad, he is being taken to court by Schothorst, who has accused the racer of “systematically withholding information” in regard to a loan agreement from 2018.
A loan of €250,000 (£220k) is reported to have been taken by De Vries from Schothorst’s company back in 2018 after he attempted to kick start his career in the direction of Formula 1. The amount was borrowed to fund a Formula 2 seat with Prema and given by Schothorst.
The loan reportedly had an interest rate of three percent per year as well as 50 percent of his income were he to make it to F1. According to the report, the driver repaid almost £190,000 of interest on the loan.
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There was also a clause implemented into the contract which stated that the loan would be cancelled if he had not made it to the top single-seater class by 2022. Having failed to do this, De Vries was apparently under the impression the loan had been cancelled.
Schothorst however is taking legal action due to another clause being allegedly broken, in that the AlphaTauri man failed to regularly report his earnings to the millionaire. Schothorst told De Telegraaf: “Let me first of all say that I think it is fantastic for Nyck that he has become successful as a F1 driver and that two Dutch drivers will be at the start of the Dutch Grand Prix in August.
“We invested in De Vries’ career at a crucial time and when no-one else wanted to do that anymore. We now disagree about the interpretation of the agreement we entered into with each other at the time. Things like that happen and unfortunately we cannot avoid taking the matter to court.
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“We really would have preferred to see it differently, but that does not alter the fact that, as a motorsport fan, I wish Nyck every success in the rest of his career.” The millionaire has called for all of the De Vries’ contracts between 2018 and 2022 to be disclosed. A court in Amsterdam is set to hear the motion in February.
De Vries denies the accusation that he broke the terms of the loan and his lawyer, Jeroen Bedaux, said he provided all information required. In fact the laywer suggested at a recent court hearing this week that the fact the young driver turned down an offer from Schothorst to become his F1 manager “plays a role” in the situation.
The lawyer also added that De Vries offered to fully repay the €250,000 on top of the €190,000 which has already been paid back. However, that proposal has reportedly been rejected by the businessman.
Express Sport has contacted AlphaTauri for comment.
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