McLaren could lose petrol supplier and sponsor Petrobas

McLaren could be set to lose petrol supplier and major sponsor Petrobas, with the Brazilian organisation looking to “terminate” their contract with the Formula 1 team at the behest of their government who own the majority share of the company.

Just last year, Petrobas signed a deal with McLaren worth £150 million over five years, but it is understood some of the funds went on research and development for the oil company.

The intention was announced on Twitter via the country’s president Jair Bolsonaro.

"In 2018, Petrobras signed an advertising contract of R$782 million with McLaren, valid for 5 years. At the moment, the company, by decision of my government, seeks a way to terminate the contract," he wrote.

Em 2018 a Petrobrás assinou contrato de publicidade de R$ 782 milhões com a McLaren, válido por 5 anos. No momento, a empresa, por decisão do meu Governo, busca uma maneira de rescindir o contrato. Boa noite a todos!

— Jair M. Bolsonaro (@jairbolsonaro) May 18, 2019

Another Brazilian elected official, Osmar Terra, believes that the deal is just not worth the money for Petrobas.

"It does not make the slightest sense, it's an absurdity, it's not worth it having the little name on the helmet," Brazil’s minister of citizenship told Radar.

Should Petrobas try and terminate the contract, it is likely they would be heavily fined.

This is not the first time Bolsonaro has became involved in Formula 1 affairs, as he recently stated that the Brazilian Grand Prix would be moved from Sao Paulo to Rio de Janeiro for 2020, but organisers at Interlagos have disputed the claim.

Related

More F1 news

Latest F1 news

F1 and MotoGP crossover planned for United States Grand Prix

• Just now

Laurent Mekies claims Max Verstappen has won F1 titles with Red Bull cars similar to this year

• 46 minutes ago

Christian Horner F1 rival crucial to landing him team boss role

• 1 hour ago

Lewis Hamilton will 'kick himself' over 'careless' Ferrari mistake

• 2 hours ago

Lawrence Stroll given Adrian Newey deadline on Aston Martin F1 performance

• 3 hours ago

F1 president reacts after German Grand Prix return plans unveiled

• Today 17:29