Williams CEO Mike O’Driscoll has called on Liberty Media to implement a “fairer” and “more level” Formula 1 playing field for all the teams after announcing their financial figure for the first half of 2018.
Parent company to the F1 operation, Williams Grand Prix Holdings PLC, revealed a drop in income from £85.9 million in 2017 to £82.6m this year, including a near £5m drop in revenue from FOM to £60.2m from £65.5m.
This has coincided with one of the worst season’s in the Grove squad’s illustrious history with just seven points from the first 15 races, leaving them pinned to the bottom of the Constructors’ Championship.
Even so, O’Driscoll believes the results can be seen as satisfactory for a team in Williams’ position.
“We have delivered a solid set of financial results in what has been a challenging half year for our F1 operations, whilst continuing to demonstrate growth in our Williams Advanced Engineering Business,” he reported.
“Revenue and EBITDA in F1 reduced in the first half of 2018, reflecting the challenging financial environment we operate in as an independent team.
“A tough 2018 season on track 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.”
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Some are concerned for the future of Williams, with the F1 team set to lose title sponsor Martini and several sponsors once Lance Stroll completes his exit at the end of the year at the latest.
It is thought Williams could do as they have done in recent years and focus on drivers who bring significant backing to make up for that loss, but their CEO insists the foundation is still strong.
“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,” he concluded.