A document published by the Brazilian Ministry of Economy on Thursday all but confirmed that Petrobras has ended their contract with the McLaren F1 team, worth £163-million (190-million).
At the time of publishing, neither the state company nor the British team confirmed the information.
The contract, signed in 2018, marked the return of the state oil company to Formula 1, through a technical partnership that also provided for fuel and lubricating oils, as well as technology sharing between the two companies.
But aforementioned document, prepared by the Economic Policy Secretariat, which details government actions in its first nine months reported: “An unjustifiable Petrobras sponsorship agreement for the Formula 1 McLaren team – worth £163-million – has been terminated.”
According to Reuters, a source who declined to be named said McLaren’s contract with Petrobras is still ongoing but its end is being negotiated between the parties. It is expected that it will end by mutual agreement to be announced soon.
For this to happen, Petrobras would be expected to pay a termination fee to McLaren.
The government did not state the reasons for the closure nor did it detail whether there were consequences such as the payment of fines. Nor did it say if any part of the contract had been maintained.
Petrobras did not comment on the matter. McLaren reported via a press office on Friday that “matters are commercially confidential and therefore could not make additional comments at this time.”
In the past, Petrobras sponsored the Williams F1 team, from 1998 to 2008 and from 2014 to 2016.