McLaren has officially confirmed that their partnership with Brazilian oil company Petrobras has been “concluded”.
Signs of a split between the two parties first arrived back in May when Brazilian president Jair M Bolsonaro said the company want out just two years into a deal worth a reported £150million over five years.
Then, in late November, Petrobras, who are owned by the Brazilian government, declared an end to what they felt was an “unjustifiable deal”.
Now, with the Brazilian Grand Prix on the horizon, McLaren has provided its own confirmation that the deal is over.
‘Petrobras and McLaren Racing have concluded their technical and sponsorship agreement by mutual consent,’ a statement read.
‘The partnership produced clear technological advances in fuels and lubricants and identified opportunities for future collaborations in commercial, technology and social responsibility fields between the two companies.’
McLaren’s chief executive officer, Zak Brown added: “We would like to thank Petrobras for their partnership and support.
“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.”
Roberto Castello Branco, chief executive officer of Petrobras, said: “We recognize 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.”