Gene Haas, owner of the Haas F1 team, will increase his investment in the outfit following the departure of Uralkali as their title sponsor, according to reports.
There have been significant changes for the squad in recent weeks following Russia's invasion of Ukraine, with the partnership with Uralkali coming to an end as well as the termination of driver Nikita Mazepin's contract.
Following this, Kevin Magnussen was brought in to replace Mazepin, and has signed with the team on a multi-year deal.
With the outfit opting to give the seat to Magnussen - rather than considering pay driver options - Gene Haas himself will invest further finances into the team to secure their future, according to RACER.
It is also reported that other avenues of funding are being explored, with discussions taking place with existing partners as well as potential new ones to fill the gap left by Uralkali.
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An eventful start to 2022 for Haas
As well as the off-track changes taking place at Haas recently, the team also faced some issues ahead of the recent pre-season test in Bahrain.
Due to freight delays, the American squad were unable to participate in the opening morning of testing. However, they were granted permission to add these hours on to subsequent test days.
It was during their additional running on Day 2 that Magnussen caused a surprise by setting the fastest time of the day, whilst teammate Mick Schumacher nearly followed suit at the end of Day 3, putting in the second quickest lap on Saturday.
The team will be hoping to make a step forward from their difficult 2021 campaign when the new season gets underway at the Bahrain Grand Prix, which takes place on 18-20 March.
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