Haas and Magnussen to part ways at the end of 2024

The announcement from the American F1 outfit puts an end to speculation regarding the future of Magnussen which has been in doubt for some time now.

Haas have confirmed the Oliver Bearman would be driving for them in 2025, after Nico Hulkenberg announced his departure for Audi-Sauber at the end of the current season.

Haas said in a statement: "MoneyGram Haas F1 Team can confirm Kevin Magnussen will depart his race seat upon the conclusion of his current contract at the end of the 2024 FIA Formula 1 World Championship.

"MoneyGram Haas F1 Team looks forward to working with the Dane for the remainder of the 2024 season in his racing capacity and adding to his top 10 results from Australia and Austria earlier this year," the statement added.

Haas Team Principal Ayao Komatsu commented on the decision to drop Magnussen, he said: "I'd like to thank Kevin for everything he's given us as a team – both on and off the track.

"He's truly been a bedrock of our driver line-up over the years. Nobody's driven more races for us and we've had some memorable highlights together – not least a remarkable fifth place finish at the Bahrain Grand Prix in 2022 when Kevin returned to start his second spell with the team.

"He wasn't expecting to be driving a Formula 1 car that weekend, but he put in a remarkable performance that was a tremendous boost to the entire organization and once again showcased his own talents behind the wheel."

"There's plenty of racing to go this year so I'm looking forward to seeing what else we can achieve with Kevin as we push together in the championship," Komatsu added. "Beyond that, and with Kevin's special relationship with the team, I'm hoping we can find a way to keep working together in some capacity.

"We can hopefully define that in the near future, but his extensive experience in Formula 1 and knowledge of our working operations are undoubtedly of value in our on-going growth and development," the Japanese concluded.

As for Magnussen he said: "I'd like to extend my thanks to everyone at MoneyGram Haas F1 Team – I'm proud to have raced for such a great team of people these last few years.

"In particular I'd like to thank Gene Haas for his commitment to me, notably in bringing me back once again in 2022 when I thought, at that time at least, my time in Formula 1 had ended. I've enjoyed some great moments with this team – memories I'll never forget.

"While I'm looking forward to the next chapter of my racing career, I remain fully focused on giving everything I've got for the rest of 2024 with MoneyGram Haas F1 Team," Magnussen, who delivered Haas' only pole position to date, concluded.

Haas did not confirm who will replace Magnussen, with reports claiming it could be Esteban Ocon who was released from Alpine earlier this year.