OCTOBER 21, 2019

McLaren's Petrobras sponsorship terminated

A major Formula 1 sponsor has announced it is leaving McLaren.

A major Formula 1 sponsor has announced it is leaving McLaren.

In May, we reported that Brazilian state-run oil company Petrobras was looking to exit the five-year, $200 million deal it signed just last year.

"At the moment, by decision of my government, Petrobras seeks a way to terminate the contract," controversial new Brazilian president Jair Bolsonaro had said.

Now, the Brazilian financial magazine Exame says the government's economy department has confirmed the cancellation.

A document prepared by economics minister Adolfo Sachsida declared that the "unjustifiable" McLaren contract was "terminated".

Petrobras told Brazilian media that it would not comment further, while McLaren said contracts are "commercially confidential".

"We cannot make comment at this time," a spokesperson added.

(GMM)