Maldonado joined Lotus from Williams for the 2014 season and was confirmed to race alongside Lotus test-driver Jolyon Palmer before Renault completed its takeover of the team in early December of last year.
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. With Maldonado posted on twitter confirming his exit.
"Today, with the utmost humility, I inform you that I will not be on the starting grid for the 2016 season,"
In my opinion, this is not a big surprise this news happen. It has been strongly rumoured since last week with Maldonado will lose his drive due to economical problems in Venezuela, which was out of Maldonado control.
Meanwhile former Mclaren driver Kevin Magnussen is set to be named as Maldonado replacement on Wednesday. Magnussen made his Formula 1 debut with McLaren in 2014, 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.
This is the end for Pastor Maldonaldo in Formula 1? he only scored 76 points from his five seasons in Formula 1 which is poor to compare other drivers in that period despite winning a Grand Prix, but that's been nearly four years ago now. Unless he brings in sponsorship to a team, that is the end for Pastor Maldonaldo for Formula 1.
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