A Banbury-based Formula One team has today announced the departure of team member Kevin Magnussen.

Posting a statement today, Haas confirmed that Kevin Magnussen will be leaving when his current contract ends at the end of this year's FIA Formula One World Championship.

Mr Magnussen is currently in his seventh season with Haas and has scored five points to team mate Nico Hulkenberg’s 22 this season.

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This comes just weeks after Haas announced Ollie Bearman would make his full-time racing debut with the team in 2025.

The statement said: "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 One World Championship.

"The team looks forward to working with Kevin 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."

Haas bought the former Marussia based in Banbury to use as its European headquarters in 2015.