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Will Troubled South American Economies Cause Problems for Formula 1?
Published: January 15, 2016
Brazil and Argentina, in particular, have longstanding ties to F1, producing four world champions between them that have won 13 titles. The Argentine Grand Prix first appeared on the F1 calendar in 1953 and continued, with some gaps, until 1998. Lately, there has been intermittent talk of reviving it. And the Brazilian Grand Prix has been part of the World Championship every year since 1973.
In 2015, there were three South American drivers on the grid—and at least two of them owed their positions largely to state-funded sponsorships from their home countries.
First, there is Pastor Maldonado, who may already have raced his final grand prix. The only real surprise is that he lasted this long. And not because of all those crashes—at least not specifically—but rather it is surprising that his sponsorship cheques from the Venezuelan state-controlled oil company PDVSA continued to arrive for as long as they did.
Now, with the price of oil plummeting and the Venezuelan economy in turmoil, it seems the well, so to speak, has finally run dry.
According to the BBC's Andrew Benson, the $50 million that PDVSA pays to the team to keep Maldonado in a race seat is several weeks overdue, and Renault is considering bringing in former McLaren man Kevin Magnussen as a replacement.
"It's speculation at the moment. We have a contract with Pastor. That is the current situation," a team spokesperson told Benson. "Who knows what could happen by Australia but, at the moment, we are going forward with Pastor and Jolyon [Palmer]."
Not exactly a vote of confidence.
Meanwhile, Brazil's economy is also in big trouble. The&nb...
Article Source: Bleacher Report - Formula 1
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