Williams F1 team bleeding red ink Williams made a loss of 21.4 million pounds in 2007 compared to a deficit of 27.7 million pounds the previous year, according to accounts filed by the Formula One team on Tuesday. Winners of 113 grands prix and nine constructors' championships since 1979, Williams are the only team in the sport not to be owned either wholly or in part by a car manufacturer or billionaire.
The 2007 and 2006 figures compare against a registered profit of 36 million pounds in 2005.
However that figure was inflated by deferred taxation and a one-off compensation payment for releasing British driver Jenson Button to Honda.
Williams chief executive Adam Parr told Reuters the 2005 and 2006 figures needed to be taken together to show a more normal break-even over the period.
"Given the greater resources of our competitors we aim to maximize revenues and then match our budget to that number. Right now we cannot afford to make a profit any more than a loss," he said.
Williams reported turnover of 66.8 million pounds, an increase of 15 percent on 2006, which they said was due largely to improved sponsorship income. Turnover also includes prize monies.
However the team, fourth overall in last year's constructors' championship and co-owned by founders Frank Williams and Patrick Head, also increased bank borrowings. More at Reuters
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