The Williams F1 team lost $31m in the first half of 2019
The struggling Williams F1 team has announced its financial results for the first half of 2019 and it makes for grim reading.
The team has endured the worst period in its F1 history, a result of a poor 2018, the ensuing loss of sponsors and slow car development. As such, it posted a loss of £16.8m ($31.1m) compared with a £0.2m ($0.39m) profit the year before.
Mike O’Driscoll, CEO of Williams, said that while the results were a reflection of a “challenging half year,” there are still positives to be found in the Williams Advanced Engineering business.
“The Formula 1 financial results primarily reflect our finishing position in last year’s constructors’ championship and the consequent reduction in prize money (which is paid a year in arrears). There was also an overall reduction in partnership income compared with the first half of 2018, although we secured major new partnerships with ROKiT and Orlen.
“Although we are enduring another tough season on track, we have seen some recent signs of improvement, and we continue to attract interest from potential partners as one of the longest-standing Formula 1 teams. This is best demonstrated by the recent two-year extension to our title partnership deal with ROKiT, who will now continue with us until at least 2023.
“Negotiations with Formula One Management and Liberty Media regarding the future of the sport from 2021 have been productive and we believe, when finalized, will represent a much-needed opportunity for Williams to benefit from a more level financial playing field, as well as new technical regulations.”