McLaren's Major Petrobras sponsor deal terminated?
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.
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Bugger...
Sounds like the lawyers will be making money off this one. It will go to court, but I do not see McLaren winning.
Bring back cigarette advertising or the oil companies should be the primary sponsors of each race team. F1s costs to the oil industry giants would be minuscule.