Tag: PDVSA

  • Venezuelen minister: Maldonado money is at risk

    Venezuelen minister: Maldonado money is at risk

    Unless Pastor Maldonado can prove that his driving ability and talent alone is worthy of a Formula One drive, the Venezuelan driver’s career may come to an abrupt end. This follows suggestions from Venezuela’s new sports minister Antonio Alvarez that Maldonado’s funding could be at risk.

    Maldonado’s racing career has been funded for the most part by Venezuelan state-owned oil giants PDVSA, to the tune of around £25 million ($42m) a year, making him a very attractive prospect to any cash-strapped team.

    Maldonado, who moved from to the Lotus Formula One team from Williams F1 at the start of the 2014 season, had a very good relationship with Former Venezuelan President Hugo Chavez following the death of Chavez in 2013, it would seem Maldonado may be running out of friends in high places. Alvarez has suggested that Maldonado’s funding could soon come to an end.

    There is little doubt that Maldonado’s on going mediocre performance, the fact that he has not yet claimed a single championship point, and his reputation as an unskilled driver who regularly crashes, will have contributed to the comments.

    Alvarez however did not allude to any of this. “I know I’m going to make a lot of enemies,” he told the Venezuelan publication Ultimas Noticias. “But there will be not one more dollar for motor racing. Venezuelan sport has other priorities, and it would be unfair to use state resources for disciplines that are not in line with the development of the country.”

    Due to Maldonado’s deal with PDVSA, the oil giant features very prominently on the Lotus E22 this season after the company reached a settlement deal with Williams which would allow Maldonado to not finish his contract with the team.
    Lotus desperately needed the funds, but whether Maldonado can secure a seat on talent alone remains to be seen.

  • Pastor Maldonado set to leave Williams

    Pastor Maldonado set to leave Williams

    Pastor Maldonado, and his PDVSA sponsors, are set to leave the Williams F1 team at the end of the season.

    Maldonado and his backers are in exit talks with the Williams outfit, making way for the incoming Felipe Massa. Massa confirmed last weeks that he was in talks with Williams and after much speculation, it was today revealed by Autosport as well as the BBC that Maldonado will leave the team, taking PDVSA with him.

    The exit deal has not yet been concluded but it is believed that this will be completed soon in order to allow Maldonado to secure a contract with another team.

    Maldonado has already been in talks regarding a 2014 seat with Lotus, Sauber and Force India and will bring with him a £20 million per season backing of the oil company, PDVSA.

    Lotus, who have also been in talks with Nico Hulkenberg, would prefer the German driver to join their team but this rests on an investment deal with Quantum Motorsports. Should the investment deal not go through, it is most likely that Maldonado will then get the Lotus seat.

    PDVSA is contractually bound to Williams until the end of the 2015 season but it is understood that an agreement will be reached whereby Williams will be compensated for the change in plans.

    Maldonado has openly admitted that he is not enjoying the sport this year and is looking for a more competitive car to race in.

    Photo credit: Williams F1 Twitter Team

     

  • Maldonado to leave Williams?

    Maldonado to leave Williams?

    It has emerged that Pastor Maldonado, who is frustrated with the performance of his Williams team, might leave the team at the end of the 2013 season.

    If Maldonado leaves he would take with him a massive chunk of sponsorship money from Venezuelan oil giant, PDVSA, which is reportedly valued at 35 million Euros a year. According to sources, PDVSA, who are under contract for two more years at Williams, are in talks with Williams deputy team boss, Claire Williams to discuss and exit deal to buy its way out of the contract.

    According to Germany’s Auto Motor und Sport, Maldonado is keen to make a move to Lotus next year. If PDVSA get out of their Williams contract, he could bring with him a very large cash injection that is so desperately needed at the Enstone based team.

    Of course, all of this is just rumour and speculation at this point. Although the F1 silly season does tend to spring a few surprises at times.