The Williams Formula 1 team has suffered from financial problems since 2019 which led them to offer the team for sale after £13m loss plus cutting ties with the mobile phone company Rokit sponsorship deal with immediate effect in a very difficult time where coronavirus impacted the business and markets around the world.
However, the company, "Williams Grand Prix Holding" said that they are studying several options to face the current financial difficulties, including the full sale (a complete takeover) or allowing entry of new investors (partial) into the team which was founded by Frank Williams, one of the most prominent in the history of Formula 1 Championship.
One of the big reasons why the nine-time F1 constructors’ champions winner swung is finishing last in the constructors' championship two years consistently (2018 & 2019) that led the whole team's finance to a significant drop in their income.
“The financial results for 2019 reflect the recent decline in competitiveness of the F1 operation and the consequent reduction in commercial rights income,” said chief executive officer Mike O’Driscoll.
“After four years of very solid performance in the FIA F1 constructors’ championship during which we claimed two third and two fifth-place finishes, we endured a couple of very difficult seasons. We have implemented a significant restructuring over the last nine months and have strengthened the technical leadership team.”
REBRANDING Williams F1 team:
The team's legacy name is in danger in the world of Motorsport. If the incoming buyer insists to change it, then we might witness a painful farewell for one of the most successful teams in F1 history where the dominated the front pages of newspapers back in the '80s and '90s winning championships with various legends such as Keke Rosberg, Alan Jones, Damon Hill, Alan Prost, Nigel Mansell, And Nelson Piquet. Ayrton Senna was another legendry name linked with Williams F1 Team which was lost his life in his first year with the Britsh team in 1994.
Or, we might see a new entry of investors to save the team and retain its name, one of the great names in Grand Prix Motor Racing.
Claire believes that the aim was to secure the team's future through internal investment "Frank is always aware of and up to speed with every decision the board takes and is supportive." ...."He wants to ensure the future success of his team and understands and agrees this is the right time to seek inward investment to achieve that." She said.
The team is ready to race in 2020 season as it has funding in place but with a new livery outfit as the team will present a new look for its FW43 before the postponed season begins. “Obviously the livery is something that we’ve got to look at,” said Williams.
The season starts from the Austrian Grand Prix this July.