In 1989 Monteverdi bought the Onyx Formula One team after its original backer ran into financial difficulties. The team's best result was when Stefan Johansson finished in third place at the 1989 Portuguese Grand Prix. However, the involvement proved unsustainable and was terminated during the following season. A legacy was the Monteverdi Hai 650 F1 sportscar, of which supposedly six copies were sold until 1994.