Williams up for sale as Renault commits to F1
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Williams' George Russell driving during last year's British Grand Prix at Silverstone. He failed to earn a point as the team finished bottom of the 10 F1 teams last season.
PHOTO: AGENCE FRANCE-PRESSE
LONDON • Williams yesterday announced it was considering selling its once-dominant but now struggling Formula One team as part of a strategic review.
Williams Grand Prix Holdings (WGPH) published results for last year showing its F1 revenue slid to £95.4 million (S$166 million), down from £130.7 million the previous year.
"The WGPH board is undertaking a review of all the various strategic options available to the company," it said.
"Options being considered include, but are not limited to, raising new capital for the business, a divestment of a minority stake in WGPH or a divestment of a majority stake in WGPH, including a potential sale of the whole company.
"The company is not in receipt of any approaches at the time of this announcement and confirms that it is in preliminary discussions with a small number of parties regarding a potential investment in the company."
Williams has historically been one of the most successful teams in F1, lifting nine constructors' titles and seven drivers' championships.
However, it last won the F1 title in 1997 courtesy of Canadian driver Jacques Villeneuve and has not won a grand prix since 2012.
It scored just one point last season - thanks to now-departed Polish driver Robert Kubica - and had ended in last place out of 10 teams the past two seasons.
Its finances have suffered as a result of poor track performance, with the coronavirus pandemic set to further impact commercial rights income this year.
Williams also announced yesterday it was serving notice to terminate its relationship with title partner ROKiT and major sponsor ROK Drinks.
The financial woes caused by the lack of racing during the Covid-19 crisis - the season has yet to begin - have also led to speculation over the future of F1's smaller teams.
Renault has been particularly affected, with the French car maker revealing it will cut 15,000 jobs worldwide as part of an effort to save €2 billion (S$3.14 billion) over the next three years.
However, its F1 team will stay intact after interim chief executive Clotilde Delbos announced the restructuring measures.
"We confirm that we intend to stay in F1," she said yesterday, adding that the introduction of a budget cap from next year was vital to the decision. Spending by F1 teams will be capped at US$145 million (S$205 million) next year with a subsequent limit of US$135 million by 2023. "We had less investment than some of our competitors who are spending a lot of money," she said.
REUTERS