The much-talked about contract between Venezuelean oil company PDVSA and the Williams F1 team, has been leaked online. And it seems the Williams team are making a very good deal.
Towards the end of last season, rumours started circulating that the deal between PDVSA and Williams were illegal, since there had been no vote on it in the Venezuelean parliament. All public spending and all sponsorships must be voted upon in parliament, before signing. Congressman Carlos Ramos has been very vocal in his protest against President Hugo Chavez and his way to conduct politics, so much so, that Ramos demanded that the contract between PDVSA and Williams wre made official. Until now, the government has refused to do so, but it has appeared online nevertheless.
In it, Maldonado seems to have a performance contract, which only the Williams team can terminate, when and if they see fit. In fact, PDVSA is merely a money tool, paying £29,4 million for 2012. This amount increases over the next three years to a total of £40 million by the end of 2015. In the contract, under article 2.1, it clearly states, that:
“El presente Acuerdo se iniciara en la Fecha de Inicio y, sin perjuicio de terminacion anticipada segun lo establecido en el presente acuerdo, continuara en vigor hasta el 31 de diciembre 2015 fecha un que el presente Acuerdo quedara automaticamente anulado sin derecho a indemnizacion a qualquiera de las partes, salvo de qualquier infraccion antecedente.”
“This Agreement shall commence on the Commencement Date and, subject to early termination according to the provisions of this Agreement, continue in force until 31 December 2015 a date that this Agreement shall automatically be canceled without compensation to whosoever of parties except for antecedent breach of any variant.”
And in article 5.3:
“Una vez que un candidato haya sido nominado y designado por williams, su designacion solo podra ser terminada por Williams.”
“Once a candidate has been nominated and appointed by Williams, his appointment may be terminated only by Williams.”
You’d think that they would have made the invoice look a bit prettier for a sum of that magnitude!
what a coup for Williams!
Jakob, wouldn’t it have been a smart move to remove Williams’ bank details before posting.
Antony Peacock,
I thought about it, but since those information are public anyway, I decided not to hide anything. Also, if I didn’t, then how would we know?