F1 News
Petrobras set to terminate multi-million pound contract with McLaren
McLaren's sponsor Petrobras are set to terminate their contract with the Formula 1 team in the next few days. The Brazilian oil company have wanted to leave their five-year contract for some time and it looks like they have finally reached a deal with McLaren.
Petrobras is partially owned by the Brazilian government and Brazilian president Jair Bolsonaro has taken to social media stating that he wants to terminate the relationship with McLaren.
"In 2018 Petrobras signed an advertising contract of R$782m with McLaren, valid for five years," Bolsonaro tweeted from his official account. "At the moment, the company, by decision of my government, seeks a way to terminate the contract."
It has been reported that discussions about the future of their relationship have been going on for some time. Zak Brown is hopeful that a positive relationship can remain.
"As far as fuel and lubricant, we have a partnership with Petrobras, and provisions in our agreement to be able to continue down that path," he said when asked by Motorsport.com about its plans for the future.
However, Brazilian media has published that the contract has been terminated and an official government document stated: "An unjustifiable Petrobras sponsorship agreement for the McLaren Formula 1 team - worth £ 163 million - has been terminated."
McLaren have responded saying: "Such matters are commercially confidential and therefore we are not able to comment further at this time."