Coronakrisen. The cursed coronakrise.
Williams team is in such financial difficulties that the group behind the now considering to sell them off. Yes, in fact, considering the limited liability company Williams Grand Prix Holdings, which owns the F1 team, to sell everything from.
It writes one Friday morning in a press release.
And it is the pandemic guilt short and sweet. The pandemic and the poor results.
- the Board of directors take a look at all strategic options. It includes the to find new capital, the sale of a smaller portion of shares or divestment of a large portion of shares, including a possible sale of the entire company, write.
Everything is in other words up and turn in the air.
Williams adds that it has not yet taken a decision on which path you choose.
at the time Of writing, there is not initiated conversations with potential buyers, but there has been talk about opportunities for investment.
Williams Grand Prix Holdings came out of 2019, with a loss of 13 million pounds – the equivalent of 108 million crowns, which was a huge step back financially from a profit of 12.9 million pounds the year before.
the Group's turnover decreased from 176,5 million pounds to 160,2 million pounds, while the F1-turnover isolated fell from the 130,7 to 95,4 million pounds. So all in all, the real bad numbers!
Frank Williams owner remains 51 percent of the shares. Photo: Kerstin Joensson/AP/Ritzau Scanpix
According to the director Mike O'driscoll is the main reason for the decline in the earnings of the poorer prospects for commercial income as a result of the poorer sports results.
While they have chosen to halt cooperation with the sponsor ROKit, which would otherwise have to run to 2023.
- the 2020 season has of course been spoiled by Covid-19-pandemic, and it will have a great importance for the commercial revenue in the year, he says.
There is no doubt, however, that the team still sits ready and waiting, this season is shot in time 5. July in Austria.
- While the company has faced a number of challenges, is the economy behind the Williams in place this season, and we are ready for racing when the calendar gives law to it, it says in the press release.
Williams’ Formula 1-history goes back to 1977, and the man behind the team in his time, Sir Frank Williams, sitting still at 51 percent of the shares, while the other backer, Sir Patrick Head, owner of 9.3 percent.
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