Maldonado sponsors invoiced $46 million by Williams for 2012 race seat

Pastor Maldonado

Pastor Maldonado

Feb.15 (PVM) It has emerged in documents leaked through the internet that Pastor Maldonado’s backers, Venzuelean government oil company PDVSA, are due to pay over $45 million to Williams for a seat in the team in 2012.

Williams invoice to PDVSA

A copy of an invoice from Williams to PDVSA (Petroleos de Venezuela SA) of £29.4 million ($46.29 million) which was due to be paid on 31 October 2011.  This has come to light in the aftermath of allegations, in Venezuelan political circles late last year, that the deal was illegal.
We reported this in November last year here>>>

Venezuelan congressman Carlos Ramos led the protest, against President Hugo Chavez, demanding that the contract details between PDVSA and Williams be made public as per requirements of the law in that country. However the government has ignored the demands, but the invoice has appeared online on several websites, along with excerpts of the contract.

Payment for the invoice apparently secures Maldonado’s race seat with the team for 2012. According to the contract, the amount escalates annually until the end of 2015 when the team will be raking in £40 million ($63 million) for Maldonado’s seat.

According to leaked portions of the contract, between PDVSA and Williams, the deal appears to favour the team more so than the government organisation.

For example, article 5.3 states: “Once a candidate has been nominated and appointed by Williams, his appointment may be terminated only by Williams.”

The contract  stipulates that the contract runs until 31 December 2015.

Thus Maldonado is easily the highest paying driver in Formula 1 history. This coupled to a huge chunk of money reportedly being brought in by Bruno Senna and his backers, ensures that the Williams team is in the pounds seat for the forthcoming season.

Unless, of course, the deal goes sour with PDVSA, which could well happen as public discord mounts in the oil rich South American nation at the amount being paid for Maldonado to be in Formula 1.

  • Mild_seven

    Once a great team with the best drivers fighting to get in. Now just a team taking in anyone who can pay them!

  • Michel

    What a shame on Williams. Echoing Mild_seven’s sentiments.

  • devilsadvocate

    I get a good laugh out of people just writing a driver off because he happens to bring money along with talent. People selectively forget that were it not for Lewis going “bumper cars” in Monaco Pastor would have doubled Rubens’s points haul this year. Does that make him rookie of the year? not really, but it certainly is a solid case for him keeping his seat. Dan Ricciardo certainly deserves his seat, and are we all going to pretend that Paul Diresta came into the sport with an empty pocket book? Its a lot more convenient to root for the home team isnt it. Keep on wavin that flag

  • sennauno

    well Maldonado did win the GP2 championship…wouldnt just call him anyone. Paul Di Resta was more a no one before F1, taking the unorthodox DTM route

    GP2+46 mill sponsorship money guarantees a Formula 1 race seat

  • Mild_seven

    Paul Di Resta was Formula 3 champion. At the same time we cant gauge how good a driver is by what he has won!

  • Chuck

    Letting my imagination run wild… I wonder if Hamilton is really up to banging wheels with this guy? Who can afford it more than the other? Exciting times are sure to follow no doubt…. LOL

  • Butterfly

    Jesus H. Christ! 46M USD for that guy?

  • charles

    Good for Williams.

  • sennauno

    @chuck

    what like monaco last year when hamy punted pastor off at st devote? hey your good!

  • Uday Motwani

    What a waste of cash & a race seat! That much money would’ve been better invested for an upcoming driver than pastor!

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  • Peter Dew

    It all seems a bit different now, doesn’t it. Having won in Spain this week, what about Monaco next ?