Trapped between disappointing sports results and the Covid-19 epidemic crisis, the British automotive group Williams has announced the possibility of selling the Formula 1 team, which has also lost its main sponsor.
In a note, the Board of Directors of Williams Grand-Prix Holding announces that it is examining "all the strategic options available for the company, namely the sale of the majority stake in Wgph or a total sale of the company". The other options considered are the entry of a minority shareholder or a fundraiser. Williams also indicated that "preliminary talks" with "a small number of interlocutors" are already underway.
The Formula 1 team then announces the immediate termination of the partnership with Rokit and its main sponsor Rok Drinks. And much of Williams' staff has already been placed over a prolonged period in the British government's partial unemployment system to mitigate the effects of the crisis.
2019 was a difficult year for the team, with an operating loss of 10 million pounds (12 million euros) against a profit of 16 million pounds (17.7 million euros). "The 2019 results - says Mike O'Driscoll, Williams CEO - reflect the recent decline in our competitiveness in Formula 1 operations and the consequent reductions in revenue related to commercial rights. After 4 years of solid results in the F1 championship, where we got two third places and two fifth places, we had two very difficult seasons. The 2020 season was interrupted by the Covid-19 pandemic and this will have an impact on our commercial revenues this year. "
Williams also placed most of her staff over a prolonged period in the British government's partial unemployment system to mitigate the effects of the crisis.
