Kevin Magnussen has been thrown a second chance by Renault F1 after reaching an agreement with the French manufacturer to replace Pastor Maldonado.
Sources earlier confirmed that the 23-year-old signed a contract with the team to partner Jolyon Palmer for the 2016 season, four months after he was dropped from his role as a reserve driver by McLaren on his birthday.
Both Magnussen and Palmer will be present during Renault’s launch of their 2016 challenger in Paris on Wednesday, with ART chief Frederic Vasseur to be named as racing director.
Maldonado now finds himself without a seat after spending five years in Formula 1, due to his long time sponsor PDVSA failing to reach an agreement with the newly formed Renault outfit over payments and the way forward for the partnership.
Despite having being announced as a 2016 driver at the Singapore Grand Prix, the deal for Maldonado’s seat was linked to PDVSA’s funding. The Venezuelan’s only hope to be on the grid in 2016 would be to snatch one of Manor’s two vacant seats.
PDVSA sponsor Maldonado to the sum of $46 million, which would be a mouth-watering prospect for a backmarker team such as Manor. Although, a deal would require last minute negotiations, and with the political and economic instability in Venezuela along with oil prices falling, it may cause PDVSA to drop its Formula 1 involvement.
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