Franco Colapinto’s backers are paying Williams $4.5 million - or $500,000 per race - so the Argentinean rookie can immediately replace Logan Sargeant.
Red Bull reportedly turned down the price-tag to place Liam Lawson in the cockpit, while the Argentine newspaper La Nacion believes Williams did not even talk to the Mick Schumacher camp.
Mick’s uncle Ralf slammed Williams’ decision.
"You can perhaps respect this decision because Colapinto is a driver from Williams’ junior program," Ralf Schumacher told DPA news agency. "But I think it is absurd and makes no sense from a performance perspective.
"I think the risk for the racing team and also the driver is much, much higher than if they had put someone with experience like Mick in," he added.
As for the reported millions Williams will now collect from Colapinto’s financiers, Schumacher insists there is "no amount in the world" that could justify a decision based on anything other than performance.
"You also have to be fair and admit that it simply took Mick too long in his second season at Haas to find his feet and get his teammate under control," Ralf added. "Formula 1 is unforgiving."
Reports suggest that Colapinto’s funding is coming from the Argentine automobile club, and sponsors Mercado Libre, Globant, Quilmes, YPF and others.
"Once again, Argentina is showing that it can compete with the best," said Globant co-founder Guibert Englebienne. "We already knew it, now the world will know - Franco Colapinto, you’re a genius."
As for the ousted American Sargeant, he broke his silence on the situation on Wednesday, declaring: "For now, I will be taking time to assess my options, before making an announcement on my future in due course."