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Williams loses ROKiT immediately as title sponsor; sale of F1 team possible
- GPblog.com
Things at Williams aren't going well at the moment. On Friday morning it was announced that ROKiT has left the British race stable as a title sponsor. At the moment the British brand is looking at a partial sale of the team, but even a complete takeover is not excluded.
Williams gives the reason that the measure 'would be a new strategic step to secure the future of the company'.
A statement reads: "The board of directors of Williams Grand Prix Holding (WGPH) is considering all possible strategic options. Options that are being considered include seeking new capital for the company, the inclusion of a minority shareholder in WPGH or the sale of a majority stake in WGPH, including a possible sale of the entire company".
Mike O'Driscoll, CEO of Williams, released Williams' annual results for 2019, which were not too good. Sales fell from 195 million euros to 178 million euros. This included a loss of 14.5 million euros. For the Formula 1 business, sales fell from 144 million euros in 2018 to 105 million euros in 2019.
End of Williams near?
In Formula 1, Williams has been lagging behind for years. The team that in the past was so successful in the pinnacle of motorsport hasn't been involved in the last few seasons and can always be found at the back of the grid. The economic problems have been playing at Williams for a long time, but now the end of Williams seems closer than everyone thought.
Williams does make it clear that no decisions have yet been made about a sale. However, it is open to facilitate talks with interested parties, the team announces.