🇬🇧

Williams considers sale of struggling F1 team

Video Credit: Reuters - Sports
Published on May 29, 2020 - Duration: 02:35s

Williams considers sale of struggling F1 team

Williams says it is considering selling its once-dominant but now struggling Formula One team as part of a strategic review.

Advertisement

Williams considers sale of struggling F1 team

RESENDING WITH COMPLETE SCRIPT VIDEO SHOWS: FILE FOOTAGE OF WILLIAMS F1 SHOWS: UNKNOWN LOCATION (FILE - FEBRUARY, 2020) (WILLIAMS RACING - ACCESS ALL) 1.

HANDOUT VIDEO OF WILLIAMS' FW43 FORMULA ONE CAR (AUDIO OF ENGINE RUNNING) 2.

FW43 GRAPHIC 3.

(MUTE) VARIOUS STILL IMAGES OF CAR GROVE, ENGLAND, UNITED KINGDOM (FILE - FEBRUARY 11, 2019) (REUTERS - ACCESS ALL) 4.

WILLIAMS DRIVER, GEORGE RUSSELL AT EVENT TO LAUNCH THE TEAM'S F1 CAR FOR 2019 SEASON 5.

SIGN, READING: "WILLIAMS RACING" / WILLIAMS TEAM PRINCIPAL, CLAIRE WILLIAMS SPEAKING TO MEDIA GROVE, ENGLAND, UNITED KINGDOM (FILE - NOVEMBER 3, 2016) (REUTERS - ACCESS ALL) 6.

CLAIRE WILLIAMS ARRIVING FOR NEWS CONFERENCE 7.

WILLIAMS SPEAKING GROVE, ENGLAND, UNITED KINGDOM (FILE - FEBRUARY 11, 2019) (REUTERS - ACCESS ALL) 8.

VARIOUS OF THE 2019 LIVERY ON WILLIAMS CAR STORY: Williams said on Friday (May 29) 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 2019 showing Formula One revenue slid to 95.4 million pounds ($117.6 million) in 2019, down from 130.7 million pounds 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 board has appointed Allen&Co and Lazard as joint financial advisers to assist with the strategic review and formal sale process.

The former champions, who last won a championship in 1997 with Canadian Jacques Villeneuve, have not won a race since 2012.

They finished last in 2019 with just one point scored by now-departed Polish driver Robert Kubica, and were also 10th overall in 2018.

The team's finances have suffered as a result of poor track performance, with the COVID-19 pandemic bringing more pain and set to further impact commercial rights income in 2020.

Williams also announced on Friday that it had served notice to terminate its relationship with title partner ROKiT and major sponsor ROK Drinks.

The team, who have furloughed employees, said they remained funded and would be ready to resume racing when conditions allowed.

Formula One is planning to start the season in Austria in July.

"The WGPH board believes that the strategic review and formal sale process is the right and prudent thing to do in order to take time to consider a full range of options and put the Formula One team in the best possible position for the future," Williams said.

Formula One is due to implement a $145 million budget cap from next year.

Williams have won nine constructors' titles and seven drivers' championships and are one of the most successful teams, historically, in the sport.

($1 = 0.8115 pounds) (Production: Tim Hart)

You are here


💡 One News Page Knowledge: Other News Mentions

Formula One

Motorsport championship held worldwide
Leading Formula 1 drivers say they believe they should continue with their pre-race anti-racism demonstrations throughout the year.
Credit: BBC News - Published 6 days ago

Ferrari chairman John Elkann says the team cannot expect to be competitive in Formula 1 before 2022.
Credit: BBC News - Published 1 week ago


Related news from verified sources

Pandemic adds to strain after poor performance on the track and £17m loss
on May 29, 2020 • FT.com

BBC Local News: Oxford -- The Williams Formula 1 team and wider company group are up for sale after posting a £13m loss last year.
on May 29, 2020 • BBC Local News

You might like