Maldonado was retained by Lotus for the upcoming campaign prior to Renault's takeover of the team and the French company initially intended to keep him alongside Jolyon Palmer.
However, Maldonado's long-time backer Venezuelan state-owned oil company PDVSA, failed to make contracted payments to the team, due to global oil prices have plummeted which has effect Maldonado's home nation Venezuela. Means the former Grand Prix winner was forced to relinquish his drive for the team this coming season to Magnussen.
Magnussen raced for McLaren in 2014 and finished eleventh in the standings, which included a debut podium finish in finishing second place at that seasons Australian Grand Prix. But, was dropped back to a reserve driver role for the 2015 season as the team opted to retain Jenson Button to partner the returning Fernando Alonso.
Magnussen had hoped to reclaim a McLaren race seat for 2016 season. However, both Button and Alonso are retain for 2016. With Magnussen wanted to race next year, McLaren had no option to let Magnussen go and leave Magnussen to find a drive for 2016.
In my opinion, this is not a big surprise this news has happen been heavily rumoured for a few weeks now. I do believe his the right choice for the team in short notice. He did a great job at McLaren in 2014, which include a fantastic job finishing in second place finish in his debut race at Melbourne, and he was as fast in some races as his much experience team-mate Jenson Button. Just, bad luck for him to lose his job at McLaren for 2015 to two World Champions at the team. I do believe he deserved another chance in Formula 1 with the talent his got and with a great chance with a team like Renault.
It was also announced today, current GP3 series champion Esteban Ocon has joined the team as reserve driver for the 2016 season. He will likely take part in some Formula 1 free practice sessions and will attend all races and tests throughout the season.
Also, announced by Renault they have signed ART Grand Prix boss Frédéric Vasseur as its new Racing Director ahead of the team comeback as a full works Formula 1 team in 2016.
Vassuer has helped guide the career of several current Formula 1 drivers, with Lewis Hamilton, Nico Rosberg, Nico Hülkenberg, and Valtteri Bottas to name a few that won GP2 and GP3 titles at ART in the last decade.
With Kevin Magnussen as their new driver, Esteban Ocon as their reserve driver and a driver for the future too. And Frédéric Vasseur as their new team boss at Renault things are slightly looking up for the team in 2016 despite it will be more of a developing year for Reanult.
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