The Williams F1 team has released a statement - "In the wake of yesterday's announcement that Hugo Rafael Chávez Frías, President of the Bolivarian Republic of Venezuela, has passed away after a long battle with cancer, the Williams F1 Team sends its deepest condolences to the family of President Chávez and the people of Venezuela," the statement said.
Hugo and Maldonado close associates, essentially due to a government-organized deal which sees the Williams driver receive backing from oil giants PDVSA.
"I feel the deep pain that all Venezuelan's are going through, my condolences to the Chávez family and Venezuela," Maldonado said via Twitter.
"Not only a great man has gone, but a great man whose ideas transcended beyond boundaries. He was a hero."
New presidential election will now be held in Venezuela, Vice-President Nicolás Maduro and opposition leader Henrique Capriles fight for this position. Media reporting that election results may be affects Maldonado's PDVSA financial support.