ROME – Trapped between disappointing sports results and the crisis linked to the Covid-19 epidemic, the British automotive group Williams announced on Friday that it is considering selling its Formula 1 team.
After losing its main sponsor.
In a statement released today, the Williams Grand-Prix Holding (WGPH) board of directors:
“It examines all the strategic options available for the company (including) the sale of the majority stake in WGPH.
Including a total sale of the company ".
The other options considered are the entry of a minority shareholder or a fundraiser.
Williams also indicated that "preliminary talks" with "a small number of interlocutors" are already underway.
Formula 1, Williams also announced the end of its relationship with ROKiT.
The Formula 1 team also announced the immediate termination of its partnership with its main partner, ROKiT and its main sponsor ROK Drinks.
2019 was a difficult year for the Formula 1 team, with an operating loss of £ 10m (€ 12m).
Against a profit of 16 million pounds (17.7 million euros) on this business.
"The 2019 results reflect the recent decline in our competitiveness in Formula 1 operations and the resulting reductions in commercial rights revenue," said Mike O'Driscoll, Williams CEO.
"After 4 years of solid results in the F1 championship, where we got two third places and two fifth places, we had two very difficult seasons," he admitted, as the coronavirus crisis has a dark future.
"The 2020 F1 season was obviously interrupted by the Covid-19 pandemic, and this will impact our commercial revenues this year," added O'Driscoll.
Williams also placed most of his staff over a prolonged period in the British government's partial unemployment system to mitigate the effects of the crisis.
"As this terrible global crisis dissolves, everyone at Williams Racing is eager to start the new season," Williams writes after all, before hoping for a return to racing in July.
Source: Blitz Quotidiano