Date published: September 25 2018
Releasing their financial details for the first half of 2018, Williams have urged Liberty Media to “bring about a fairer, more level playing field for all teams.”
Williams Grand Prix Holdings PLC, the holding company of the Formula 1 team, announced a drop in revenue for the first half of 2018, down from £85.9 million in 2017 to £82.6m this year.
Overall earnings dropped as did F1 revenue, which fell from from from £65.5m to £60.7m.
Acknowledging that it has been a difficult year for Williams, who are last on the Constructors’ log, chief executive officer Mike O’Driscoll urged Formula 1 to embrace a “level playing field” which would boost Williams’ results, and hopefully their earnings.
“We have delivered a solid set of financial results in what has been a challenging half year for our Formula 1 operations, whilst continuing to demonstrate growth in our Williams Advanced Engineering Business,” O’Driscoll said.
“Revenue and EBITDA in Formula 1 reduced in the first half of 2018, reflecting the challenging financial environment we operate in as an independent team.
“We are enduring a tough 2018 season on track, which has demanded additional investment to tackle performance issues, and we have been working through these while also turning significant attention to the design of next year’s car.
“There continues to be a large gap in competitive expenditure between the leading teams and the rest of the grid, and we remain hopeful that the future of the sport under Liberty Media will bring about a fairer, more level playing field for all teams.”
He added: “Although we continue to face challenges in a very dynamic environment, we are well placed to respond. With world class facilities and a strong and talented organisation, Williams remains determined to succeed.”