CEO Williams: "Do consider selling the entire company"
General
- GPblog.com
The collaboration with ROKiT has been terminated with immediate effect and the Formula 1 team may go on sale. That was the news that Mike O'Driscoll said this Friday morning. Through the official channels, the CEO will give some more text and explanation.
"We are considering all possible strategic options," O'Driscoll says. "Among them, but not exclusively, we are considering options such as finding new capital, selling a minority stake in the team or selling a majority stake or the entire company."
Less revenues for Williams
The annual figures for 2019 were disappointing. "That reflects our sporting decline, and by extension the decline in revenues. We have had some very difficult seasons", the top man said. The coronavirus outbreak and its financial consequences have come at a very bad time for Williams.
"The board of WGPH believes that the strategic review and formal sales process is the right one to take the time to consider a full range of options and put the Formula 1 team in the best possible position for the future," O'Driscoll said.
Williams does see a future in F1
However, the team has confidence in a future in Formula 1 now that new rules have been introduced in the pinnacle of motorsport. "There has been a huge gap in revenues and expenses between the three biggest teams and the rest of the grid for a number of years, but we are confident that the long-term vision of Liberty Media will ensure a more level playing field from 2021 onwards. As a result, all teams will be able to compete more fairly".