Saturday, January 22, 2011

Hugo Chavez buys an F1 team

Yes, you read that correctly. After Williams F1 signed Venezuelan driver Pastor Maldonado, the team followed uwith a long-term sponsorship deal with Venezuela's state-owned oil company PDVSA.

The Venezuelan company has pledged to give millions and millions of dollars to the cash-strapped F1 great, this giving the South-American dictator something to be proud of.

Williams was left in a sticky situation after the Royal Bank of Scotland decided to pull the plug on the team. After that, Williams looked to the worlds fifth largest oil exporter for help. PDVSA has been rumored to inject somewhere around $14 million dollars.

Source: ESPN F1

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