Pastor Maldonado confirms he has lost his seat for 2016 Formula 1 season

Just two days ahead of the unveiling of the new Lotus in Paris the Venezuelan confirmed he will not be on the grid in Melbourne on March 20 

Axed: Maldonado has lost his seat

Britain’s new F1 star, Jolyon Palmer, is to have a new teammate for 2016 after an 11th hour shock announcement by Pastor Maldonado.

Just two days ahead of the unveiling of the new Lotus in Paris the Venezuelan confirmed he will not be on the grid in Melbourne on March 20.

He is expected to be replaced by highly-rated ex-McLaren ace Kevin Magnussen.

Sources have told Mirror Sport the team waited over the winter for the winner of the 2012 Spanish Grand Prix to resolve issues with super-rich long-time backers, PDVSA.

But with falling oil prices, Venezuela’s economic chaos and the plummeting value of their currency as the bolivar fell 72 per cent in the year to last July, PDVSA failed to come up with backing.

Replacement: Magnussen is expected to take Maldonado's seat 

The oil giant has long been recognised as the biggest driver sponsor in F1 , with controversial state-sanctioned finance estimated at a staggering £35m.

Maldonado’s Twitter message said simply ‘Comunicado’ [Message] with a link to a statement that thanked God, his fans, his family, and made reference to the 200 trophies and many championships he has won as a driver before confirming the long-rumoured truth.

The statement was carefully worded not to preclude the possibility he could yet re-appear somewhere else on the grid before the season is out.

Despite his sole GP victory with Williams and the staggering sponsorship behind him Maldonado has become best known for a string of hapless manoeuvres and inexplicable accidents.
Ex-Red Bull ace Mark Webber branded him the worst driver he’d shared a track with, claiming he was 'out of his depth and just shouldn’t be there'.

Statement: Maldonado has addressed his fans 

Maldonado statement: “My dear fans, I address you with respect.

"As everyone knows in recent days there have been a number of rumors about my immediate future always leaves you with more and more will to fight.

"A few years I became a teenager, I went in search of my dreams to unknown lands, without the warmth of my people, of my roots, my Venezuela.

"At that time, I became a man, and I realized that there were many things that I could get away from my goal, yet always succeeded.

"World Karting, Formula Renault 2000, Formula 3000, Word Series and GP2 championship were unforgettable. I got used to winning.

"We received over 200 trophies, of all sizes, shapes and shines in my lifetime of accomplishment – giving me great pride in my accomplishments.

Support: Maldonado thanked his fans 

"It arrived as expected, the dream. The end that justified all my means; Formula One, a category that gave me even the most anticipated of my victories, the Grand Prix of Spain in 2012.

"All this was thanks to the continued support of my family, fans worldwide and especially my great country.

"We heard it’s glorious anthem as we traveled the world because I carry it’s flag not only in my car but in my soul, to the very top of the podium.

"Today with the utmost humility I inform you that I will not be present at the starting grid for the 2016 F1 season. Thanks for all your messages of support, passion and concern for my future.

"I feel very honored with the support of all of you and proud of my professional performance.

"I affirm my sense of gratitude to God, my family, my sponsors, my friends, my fans and all those who have helped realise this dream of being able to represent Venezuela at the pinnacle of motorsport. See you soon!”