29/05/2020
NEWS STORY
On a day F1 woke expecting to hear the very worst news in terms of Renault's future in the sport, it is instead 9-time championship winning constructor Williams that is struggling.
Just after 08:00 this morning, Williams Grand Prix Holdings put out a statement revealing its financial results for 2019, along with the news that the legendary F1 outfit was effectively up for sale.
Explaining the move, which remains the last resort should the team fail to attract the requisite investment, Claire Williams insists that it is about securing the future of the team as opposed to being a last ditch act of desperation.
"Williams as a family have always put our Formula One team first," she said. "I feel very much that seeking inward investment at this juncture is absolutely in line with that philosophy we've always had, to protect our team's future, to protect the people that work for us."
Asked if the company was at risk should the required investment or a buyer not be found, she said: "I have every confidence that we will find the investment we need.
"We are fully funded throughout the remainder of this year to continue racing as and when we can go back to the circuit," she added.
Asked how her father, Sir Frank, views the potential loss of his team, she replied: "He wants to ensure the future success of his team and understands and agrees that this is the right time to seek inward investment in order to achieve that."
Having parted company with title sponsor ROKit, Williams was keen to make clear that though the partnership wasn't due to end until 2023 her team had met its contractual obligations and was now seeking a new partner.
"I have confidence that we can replace the ROKiT money but we also have existing sponsors that we are very happy with and are being incredibly supportive," she said.
"I think the world is going to be a very different place," she added, "but I'm sure there will still be appetite to sponsor in our sport, a sport that is undergoing huge change for the good.
"We very much feel that we look after our partners in a fantastic way," she continued. "We're working with a new agency and redeveloping the way in which we take Williams to market. Williams has always done a good job attracting new partners into our sport and I believe we will continue to do so."