Williams Committed To F1 Future

The Williams team is the latest F1 outfit to reiterate its determination to remain in the sport despite the financial pressures that led to the recent withdrawal of Honda.

Williams, the largest of the sport’s independent teams, said they were close to securing a full budget for 2009.

A spokesman said: ‘We are unequivocally committed to F1. Unlike many of our competitors who are owned by car makers, for us the consideration to stay involved is superfluous, as we only exist to race.’

Williams last won a race in 2004 and are one of the few teams in F1 not either owned or part-owned by a road-car manufacturer, using customer engines, which they buy from Toyota.

Since Honda’s announcement, FIA president Max Mosley warned that cost-cutting was vital to avoid losing other teams.

Over the last few days five of Formula One’s top teams – BMW Sauber, Ferrari, McLaren-Mercedes, Renault and Toyota – have all emphasised their desire to reduce costs and continue in the sport.

There has also been speculation about Williams’ future because of the difficulty of finding funding in the current global financial crisis.

But the spokesman said the team were in better shape this year than they had been ahead of the previous two seasons.

‘We have been involved in F1 for three decades, through conducive and adverse economic circumstances alike, and we have every intention of racing for at least another 30 years. We have 90% of our operating budget in place for next season.

‘The balance of our funding for next season is under active discussion with existing sponsors, and as ever, despite difficult market conditions, we are in dialogue with a number of new prospective sponsors.

‘There is still scope for new business as long as we continue to offer value for money and we can demonstrate that we can positively influence our sponsors’ bottom line.

‘Our budget is also being assisted by including a number of contracts written in US dollars and although the exchange rate is transient, our dollar receivables are making a positive contribution to our projected finances for next year.

‘With all of these factors, there is every possibility that we will be better funded in 2009 than 2008.’