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DATE News (chronologically)
01/24/09
f1
F1 almost lost Williams team
It appears as if Formula One almost lost one of its greatest independent teams due to the current economic crisis, the fact that the FIA introduced all the new cost cutting regulations the main thing making them decide to continue on.

The team almost lost was none other than Williams F1 with Sir Frank Williams revealing to the Financial Times just how close they were to walking away from the pinnacle of Motorsports after losses in the past two years, but now it is as if he has been given a fresh start…..

“[Given] the financial pressure we are under, the consequent changes to the rules to reduce the cost of racing are a major benefit,” Williams told the Financial Times. “We need to make a profit. To be successful and to be certain of staying in business, we need to be successful financially too. So, we need to make a profit every year. We’ve lost in the last two years, or three, I think, but we have the reserves and resource to manage that.”

Adam Parr, the team’s chief executive, also revealed that they had reached their limit as far as funds were concerned.

“I think it would be fair to say we have reached a point where further borrowing is not acceptable to the board of this company,” he said.

The FT claims that Williams have lost almost 50 million pounds in the past two years.

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