McLaren let Magnussen option lapse (Update)

UPDATE

Kevin Magnussen's check wasn't big enough for money strapped and near sponsorless McLaren. They are searching for a driver with a bigger check to keep team afloat.

McLaren will not be renewing the contract of Formula 1 reserve driver Kevin Magnussen at the end of this season, Autosport reports.

After two years as part of McLaren's F1 outfit, including a full-time race seat in 2014, Magnussen will part company with the team following the final race of the campaign in Abu Dhabi, leaving the 23-year-old now with limited opportunities to bag a drive for next season.

New GP2 champion Stoffel Vandoorne is set to take on the role of reserve to Jenson Button and Fernando Alonso for 2016.

Only last month racing director Eric Boullier confirmed McLaren would not stand in the way of Magnussen securing another drive elsewhere.

09/15/15 (GMM) McLaren reportedly allowed the option on Kevin Magnussen's contract covering the 2016 season to lapse.

Germany's Auto Motor und Sport reports that the option ran out at the end of August, which would explain the most recent spate of rumors linking the Dane with a potential move to Haas or elsewhere.

Currently the reserve driver, 22-year-old Magnussen is still an outside shot for a McLaren race seat, but that depends on what happens with Jenson Button.

And probably referring to speculation McLaren is trying to negotiate a lower fee for 2016, correspondent Michael Schmidt quotes a McLaren source as saying: "It is up to Jenson."

Team boss Eric Boullier told CNN: "Fernando (Alonso) is a yes and we do intend to keep Jenson."

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