Possible sale of Williams in best interests of the team
The Formula One world was shocked by the announcement that the Williams Grand Prix company was entering into the process of formally putting the company up for sale. The process could result in various options ranging from new investors coming into the company through to a complete sale of the company, But despite the indications that all is far from well within the team Claire Williams has made it clear that the potential sale should be viewed as a more of positive move for the team as they try and sort out their future.
Major changes announced in Williams Grand Prix Results
Williams Grand Prix Holdings PLC today announced the Group’s financial results for the year ended 31 December 2019. Contained within these results were various annocemenst regarding the future direction of the company as well as the termination of the partnership with title partner ROKiT. The WGPH board made it clear that they believe 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 1 team in the best possible position for the future. Despite these challenges the team remains ready to start the 2020 Formula 1 season.
Further changes to F1 Regulations approved
The World Motor Sport Council has approved further changes to the Sporting, Technical and Financial Regulations governing the FIA Formula One World Championship primarily due to the ongoing need to reduce costs and safeguard the sport in light of the COVID-19 pandemic.
Russell hoping for test prior to season start
With the start of the 2020 Formula One season not that far away ROKiT Williams driver George Russell has been keeping himself busy by taking part in the Virtual GP series but at some time soon he is hoping that he can return to the track prior to the first of the post virus lockdown races in Austria on July 5. Whether this would be in an older F1 car or even a lower class Formula car doesn't matter so long as he can return to the track.
ROKiT Williams Racing appoints Roberts as Managing Director
ROKiT Williams Racing has appointed Simon Roberts to the newly established position of Managing Director F1. Roberts will strengthen the F1 leadership team and take overall responsibility for the design and development process, racing, factory operations and planning. Simon will join Williams on June 1st, at which point he will take responsibility for the F1 Technical, Operations and Planning functions, reporting to CEO, Mike O’Driscoll.
Health of Williams staff comes first
In a recent interview Williams Deputy Team Principal Claire Williams spoke of her concerns for the future of not only the Williams Team but also F1. With the Coronavirus still dominating discussions amongst Formula One there is a push to get the 2020 season restarted. But for Claire her the major focus has always been the health of the teams staff over the financial issues affecting the team. Despite these "scary" concerns for Claire the teams staff will always come first over any thoughts of the team closing its doors.
ROKiT Williams partnership with Precision Hydration
ROKiT Williams Racing announced Precision Hydration as an Official Supplier of the team. Precision Hydration are leaders in athlete and sweat testing and science of sports hydration.
Williams commercial push appointing 1920 Worldwide
As the business of Formula One waits for the 2020 season to restart amidst the Coronavirus pandemic one company that is not sitting still is that of Williams Racing who continues to push ahead looking for further commercial opportunities. In order to enhance this drive they have appointed the London-based sport and entertainment agency 1920 Worldwide to help develop and sell its new commercial programme.
Latifi financial saviour or potential new owners
For the Williams company the name Latifi has taken on one of being a financial saviour bringing substantial funding to the team through sponsorship and the recent loan which should help them get through 2020 but at the same time could they sometime in the future become the new owners.
Williams GPE finalises refinancing process
With the sale of Williams Advanced Engineering in December 2019 Williams Grand Prix Engineering has had to move through a process of refinancing the companies corporate borrowings. This has seen the company enter into a new refinancing arrangement with banking partner HSBC. As for whether this is a last attempt to keep Williams GPE afloat is a matter for discussion but it would seem that this refinancing is very much something that will allow the team to get past its current difficulties and recover financially.