Williams F1 considers the complete sale of the team
The announcement made by the board of directors of Williams F1 (Williams Grand Prix Holdings) has caused a stir: the sale of the company is now being considered. Present in F1 since 1975, the team of Sir Frank Williams is now languishing at the back of the grid and despite signing several "paying" drivers, the team seems to be financially struggling.
The team created by Sir Frank Williams seems to be the first victim of the financial crisis due to the coronavirus. The company’s board of directors announced today that the possibility of a sale of the company cannot be ruled out. Financially struggling in recent years, the English team from Grove now faces significant financial losses. The company, currently led by Claire Williams, recorded a loss of 14 million euros for the fiscal year 2019, which does not take into account the current economic complications.
In parallel with this announcement, Williams also indicated that it was ending its partnership with the telecommunications equipment supplier Rokit. Omnipresent on the Williams bodies, the team’s main sponsor was supposed to be present until 2023. However, due to the current economic crisis and the 2020 season which has still not started, many partnerships could come to an end.
It is therefore through a statement that the British entity explains that: « The board of directors of WGPH [Williams Grand Prix Holdings] is undertaking a review of all the various strategic options available to the company. The possibilities being considered include, among others, the raising of new capital for the business, the sale of a minority stake in WGPH, or the sale of a majority stake in WGPH, including a potential sale of the entire company. Although no decision has yet been made regarding the optimal outcome, to facilitate discussions with interested parties, the company announces the commencement of a formal sale process. » Williams is undertaking this operation to save the business. It is clear that the sale of this family company is the last option considered. Financial advisors have therefore been appointed to facilitate the search for future investors.
In peril for several years, it is a monument of F1 that is now on the edge of the abyss. Throughout its long history in F1, Sir Frank Williams’ team has often had to juggle between finances and results. Indeed, as early as the 1976 season, the team had to resort to an Austro-Canadian billionaire, Walter Wolf, who effectively put his name alongside Sir Frank Williams on the car. It may well be a similar solution that Williams F1 will adopt, surely doing everything possible to remain in Formula 1.
