Brazilian petroleum corporation Petrobras has been told to pull out of its current deal to sponsor the McLaren Formula 1 team. And the order has come from no less an authority that the new president of the country, Jair Bolsonaro. The national government holds almost two thirds of the shares of Petrobras, meaning that such an instruction constitutes far more than the usual political rhetoric - but has real power to be enforced. “In 2018 Petrobras signed an advertising contract of R$782m with McLaren, valid for five years,” Bolsonaro tweeted this week. That sum in the Brazilian Real currency is equivalent to around £150 million. Brazil president says Rio has a deal with F1 for 2020!...
Full Story »