Alex Palou has split from his deal to join McLaren racing with 2024 and his management team.

The Associated Press revealed that McLaren team boss Zak Brown sent a company letter informing the team that the Spaniard had changed his mind on his 2024 plans to join the team.

“This is incredibly disappointing considering the commitment he has made to us both directly and publicly and our significant investment in him based on that commitment,” Brown said in the statement.

Palou’s contract saga began in the 2022 season when he signed with McLaren with Formula 1 aspirations. while under contract with Chip Ganassi Racing.

Ganassi filed a lawsuit against Palou which settled in Palou remaining with Ganassi’s IndyCar team while serving as a McLaren Formula 1 reserve driver. Signs pointed to the 2021 NTT IndyCar Series champion joining the McLaren IndyCar squad for 2024.

Monaco Increase Management also announced that they will no longer represent the Barcelona, Spain driver.

“Monaco Increase Management is bitterly disappointed to learn about Alex Palou’s decision to break an existing agreement with McLaren for 2024 and beyond,” a statement from MIM read. “Together, we had built a relationship that we thought went beyond any contractual obligation and culminated in winning the 2021 Indycar crown and tracing a path to F1 opportunities.

“Life goes on and we wish Alex all the best for his future achievements.”

Palou leads Josef Newgarden by 84 points in the NTT IndyCar Series championship heading into today’s Gallagher Grand Prix at the Indianapolis Motor Speedway road course.