A lot has happened in one day for the family operated race team
Williams Racing was the only F1 team that didn’t score a point in 2019. Teams are paid from TV money based on points scored in the constructors’ championship. That has brought ripple effects in 2020.
Williams Grand Prix Holdings (ETR: WGF1) is a publicly traded F1 team. The group reported an adjusted loss of £13 million ($15.9 million) for 2019. That has forced the team to seek new options.
For comparison, the company turned a profit of £12.9 million in 2018.
The sports has seen a long list of postponements and cancellations. Only as recently as May 27, the team returned to the shop to begin preparations for the next event.
When will that be? That’s still unclear.
F1 CEO has previously stated that the series will re-open in Europe through July, August and beginning of September. It’s also likely more events will be canceled.
There’s a lot of uncertainty in the air. That doesn’t help a team that was already struggling.
On Friday, the team announced that it has terminated it’s sponsorship with ROKiT. The team update all their social media logos soon after.
“Williams can confirm it has terminated its sponsorship arrangements with ROKiT effective immediately,” the team stated via twitter a few hours ago.
ROKiT Williams Racing is no more. And there’s more…
Williams F1 for sale
There’s a lot going on all at once. At the same time, Williams Grand Prix Holdings announced they are considering a sale.
“The WGPH board believes that the strategic review and formal sale process is the right and prudent thing to do in order to take time to consider a full range of options and put the Formula One team in the best possible position for the future,” a Williams statement said.
“As part of this new strategic direction, the WGPH board is undertaking a review of all the various strategic options available to the company.”
“Any interested party participating in the formal sale process will be required to enter into a non-disclosure agreement with WGPH on terms satisfactory to the WGPH board,” the statement said.
“The company is not in receipt of any approaches at the time of this announcement and confirms that it is in preliminary discussions with a small number of parties regarding a potential investment in the company. There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.
“While the company has faced a number of challenges, Williams currently remains funded and ready to resume racing when the calendar allows in 2020.”