Williams publish huge financial loss following poor 2018 season
F1 News
Williams have literally paid the price for a poor 2018 season as they announced large losses due to their poor performance last year, where they scored just seven points in the entire season.
Williams have been on the decline in recent years since they finished third in the constructors' standings in 2014 and 2015, and now their troubles on track have turned into troubles away fron the circuit as well.
The team has lost the sponsorship money from last year's drivers, Lance Stroll and Sergey Sirotkin, with Stroll moving to Racing Point, the team his father Lawrence has invested heavily in.
Williams posted a loss of £16.8 million in January-June 2019, compared with a £0.2 profit for the same period last year.
However, the figures were offset against a £9m profit for sister company, Williams Advanced Engineering.
Group CEO Mike O'Driscoll said: "The F1 financial results primarily reflect our finishing position in last year's constructors' championship and the consequent reduction in prize money (which is paid a year in arrears).
"There was also an overall reduction in partnership income compared to the first half of 2018, although we secured major new partnerships with ROKiT and Orlen.
"Although we are enduring another tough season on track, we have seen some recent signs of improvement, and we continue to attract interest from potential partners as one of the longest standing Formula 1 teams.
"This is best demonstrated by the recent two-year extension to our title partnership deal with ROKiT, who will now continue with us until at least 2023."