McLaren and Petrobras terminate sponsor deal with immediate effect
McLaren have confirmed that its sponsorship deal with Brazilian oil giant Petrobras will be terminated with immediate effect and the companies logos removed from the car for the next race.
Petrobras, which is majority owned – 64 per cent – by the Brazilian government, agreed a five-year sponsorship deal with McLaren at the beginning of the 2018 season but ever since Brazilian president Jair Bolsonaro was sworn in, he has pushed for the deal to be cancelled.
The deal, reportedly worth £163 million, will therefore come to an end ahead of the Brazilian GP, where the logos will no longer be on the MCL34.
"We would like to thank Petrobras for their partnership and support," said McLaren CEO Zak Brown.
"We have great respect for their technical and scientific capabilities, and there is no doubt the company's technicians have made substantial progress in the time we have been working together. We wish everyone at Petrobras every success and hope to see them back in the sport again in the future."
Petrobras CEO Roberto Castello Branco added: "We recognise the importance of McLaren in global motorsport and we are very satisfied with the results delivered during the two years of our partnership.
"The project allowed Petrobras to develop high-technology gasoline and lubricants through research with new raw materials and tests performed in extreme conditions.
"The technological development will be used in lubricant and fuel products. We see in McLaren a commitment to innovation and also the possibility of future partnerships."