F1 News
Williams puts inventory on the line to help team through crisis
- GPblog.com
Several Formula 1 teams need to pull out all the stops to keep their heads above water. Half of the teams are already getting an advance on Liberty Media's TV funds and McLaren is considering taking out an extra mortgage. Williams, the team where the need was greatest, fortunately has a benevolent investor in Michael Lafiti.
Because Nicholas Latifi will be driving for the Williams team next season, father Michael will do everything he can to keep that team afloat for the time being. That's why he now lends Williams an amount of 56 million euros. The collection of historic cars and the entire factory count as collateral for that loan. Should the British race stable not be able to repay the amount, the Canadian billionaire will effectively become the owner of the team.
McLaren and Williams choose another solution
McLaren is therefore not the only team that puts their entire inventory on the line to survive the current crisis. The two British superpowers of yesteryear thus choose a different solution than the other teams from the mid- and backfield.
Earlier this month it was announced that Haas, Alfa Romeo, Racing Point, AlphaTauri and Renault will receive an advance on the TV funds from Liberty Media, in order to close the financial gaps. As a result, Mercedes, Ferrari and Red Bull Racing are the only teams still standing on their own two feet.