Williams CEO Mike O’Driscoll admits the team’s hopes for success in Formula 1 in the future depend on Liberty Media.
Concerns have been raised about the company’s financial situation, but results released on Friday revealed a small revenue increase to just over £130m in 2018.
This is despite lower income from the commercial rights holder although did include the final year of Martini’s deal as title sponsor and backing from Lance Stroll.
Now, new sponsors have come in including ROKiT, replacing Martini, and PKN Orlem via Robert Kubica, but none of this hides Williams’ problems currently on the track.
“Our F1 team had high expectations that we could build on four years of very solid performance in the FIA Constructors’ Championship, but, unfortunately, we struggled to maintain the pace of technical development and endured a difficult season,” O’Driscoll commented.
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While much of the team’s lack of competitiveness has been because of flawed car designs, it also coincides with the continued domination of three teams mostly due to one criteria.
“There is a very large gap in competitive expenditure between the leading teams and the rest of the grid,” the Williams CEO noted.
“But we are increasingly hopeful that Liberty Media’s long-term vision and plans for the future of the sport can deliver a more level playing field on which all teams can compete fairly.
“In the meantime, we are intensely focused on improving our own performance, following a tough start to this season’s campaign.”
Those Liberty plans include a budget cap, likely to be phased in over three years if agreed from 2021, and more equal distribution of the revenue pot which is also currently weighted more towards the leading teams.