Magnussen brings sponsor for his second chance at F1

Kevin Magnussen said he felt lucky to have been given a rare "second chance" in Formula 1, and has done his bit for the team by bringing sponsors to the new project.

The Dane was unveiled as a race driver for the new Renault works team on Wednesday, replacing Pastor Maldonado at the eleventh hour over a sponsorship dispute.

And Magnussen, 23, has his own backer, Danish billionaire Anders Holch Povlsen whose 'Jack and Jones' fashion label is now a prominent on-car sponsor of the Enstone team.

But Cyril Abiteboul, Renault's managing director, said he was happy to be giving Magnussen a "second chance", having performed "sensationally" for McLaren in 2014.

"Not many drivers get a second chance," beamed Magnussen at the Paris launch.