Williams lost $57m in 2006

(GMM) Grove based Williams recorded a company loss of (US) $57 million last year, according to a report in the British newspaper Daily Telegraph.

The former championship winning team has had a better season on and off the circuit in 2007, but the loss of free BMW engines and title sponsor HP at the end of 2005 hit Sir Frank Williams' outfit hard, the newspaper said.

In 2006, when Williams finished eighth with a customer Cosworth engine supply that cost about $20m, the now Toyota-powered team reportedly also used all but $61,000 of its previous bank savings of more than $42 million.

In comparison to the $57m loss, Williams made a profit of $60m just a year earlier (2005) — a difference of $117 million.

The Telegraph pointed out that Williams, the winner of 113 grands prix between 1979 and 2004, is now the only current formula one team not backed by a car manufacturer or a billionaire.