{"id":660759,"date":"2020-05-29T09:38:39","date_gmt":"2020-05-29T08:38:39","guid":{"rendered":"https:\/\/www.motorsportmagazine.com\/?p=660759"},"modified":"2020-05-29T09:40:30","modified_gmt":"2020-05-29T08:40:30","slug":"sale-of-williams-f1-team-being-considered","status":"publish","type":"post","link":"https:\/\/www.motorsportmagazine.com\/articles\/single-seaters\/f1\/sale-of-williams-f1-team-being-considered\/","title":{"rendered":"Sale of Williams F1 team being considered"},"content":{"rendered":"
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Williams is considering selling the company, including its Formula 1 team, after posting a \u00a313m loss last year and terminating its sponsorship deal with ROKiT.<\/p>\n

A year spent trailing at the back of the pack, and reduced sponsorship revenue were blamed for a slump in the F1 team\u2019s revenue from \u00a3130.7m in 2018 to \u00a395.4m in 2019.<\/p>\n

Today, Williams Grand Prix Holdings announced that it was looking to raise new capital, sell a stake in the business or offload the company entirely, which would mark an end to 43 years of control by Frank Williams, who owns a majority stake.<\/p>\n

\u201cThe financial results for 2019 reflect the recent decline in competitiveness of the F1 operation and the consequent reduction in commercial rights income\u201d said Mike O\u2019Driscoll, Chief Executive Officer. \u201cAfter four years of very solid performance in the FIA F1 Constructors\u2019 Championship during which we claimed two third and two fifth place finishes, we endured a couple of very difficult seasons.\u201d<\/p>\n

O\u2019Driscoll also suggested that ROKiT was responsible for the end of the title sponsorship deal. In Williams\u2019 annual report, he wrote: \u201cHaving offered full commitment, and met all terms of the partnership agreement, we are tremendously disappointed to see this promising relationship end.\u201d<\/p>\n\n <\/div>\n<\/section>\n\n\n

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