[DOF_power]

Williams F1 Team Has Lost Nearly $90 Million


British team Williams last year recorded a second consecutive annual loss.
According to accounts filed on Tuesday by the jointly Frank Williams and Patrick Head owned team, Williams' combined loss in 2006 and 2007 was (US) $88 million.


The directors' report said Williams, currently eighth of the ten teams in the 2008 constructors' championship, has increased bank borrowings.
"The decision to increase net debt to support a return to competitive on-track performance was driven by a strong long-term business plan," it said.
Auditor Grant Thornton said "there is a reasonable expectation the company (Williams) has adequate resources to continue operating for the foreseeable future".
Williams, the winner of 113 grands prix between 1979 and 2004, made a profit of $60m in 2005.
It is the only current team not backed by a car manufacturer or a billionaire.

[Racer Duck]

"Well, Mr. Williams and Mr. Head, that $88M loss doesn't look good. You're upstanding businessmen who've fallen on tough times .. I see no reason not to grant your request for additional $100 million..."

Wish my banker was as kind as theirs...

[DOF_power]

It's their own doing in many ways.
Williams won most of their races and championships (all since 85) due to huge technical and financial support from big car manufacturers like Honda then Renault then BMW. None parted ways pleased with Williams F1.
Furthermore they haven't build a championship chassis since Adrian Newey left for McLaren in 97, despite a great (BMW) engine and huge amounts of cash from BMW, HP, FedEx, Anheuser-Busch, Allianz and Co (till and including 2005).

If they couldn't make it when they had piles of money and manufacturer support from BMW how are they gonna make it now ?!

[Racer Duck]

guess history doesn't matter if the bank doesn't care...

[Bob Tanner]

Originally Posted by DOF_power

Williams F1 Team Has Lost Nearly $90 Million


British team Williams last year recorded a second consecutive annual loss.
According to accounts filed on Tuesday by the jointly Frank Williams and Patrick Head owned team, Williams' combined loss in 2006 and 2007 was (US) $88 million.


The directors' report said Williams, currently eighth of the ten teams in the 2008 constructors' championship, has increased bank borrowings.
"The decision to increase net debt to support a return to competitive on-track performance was driven by a strong long-term business plan," it said.
Auditor Grant Thornton said "there is a reasonable expectation the company (Williams) has adequate resources to continue operating for the foreseeable future".
Williams, the winner of 113 grands prix between 1979 and 2004, made a profit of $60m in 2005.
It is the only current team not backed by a car manufacturer or a billionaire.

Hmmm...??? You lose $88 million here and then another $88 million there... Pretty soon you're talking about some really serious money.

Hey! How's this for an original idea? If Williams is losing this much dough, why doesn't the F1 organization implement a bailout (oops! I mean "rescue") plan in effect and underwrite their losses?

[DOF_power]

Max Mosley already has a "plan" and consist basically of turning Formula 1 into Formula IROC.

He already proposed a spec body, spec engine, spec suspensions, spec brakes, he even proposed for the drivers to switch car/team every race; that besides the spec tires and ECU we have right now.

But seriously, failing teams is nothing new, and Williams F1 are not saints nor innocents and are getting just what they're deserving.

[Bob Tanner]

Originally Posted by DOF_power

Max Mosley already has a "plan" and consist basically of turning Formula 1 into Formula IROC.

He already proposed a spec body, spec engine, spec suspensions, spec brakes, he even proposed for the drivers to switch car/team every race; that besides the spec tires and ECU we have right now.

But seriously, failing teams is nothing new, and Williams F1 are not saints nor innocents and are getting just what they're deserving.

Formula IROC...??? I like it! Great anology, my friend.

I find it amazing that a proven failed policy can be taken up by someone who feels that HE can make it work. We're currently going through the same thing in this country with political ideology.

"Deserving...???" Speaking only for myself, I like to see failures such as Williams' as cyclial, in that one one business enterprise can be successful for only so long without undergoing massive change. or reorganization. But maybe Williams does "deserve" it? I admit to not knowing the whole story(s).

[Racer Duck]

an important point not discussed thus far is:

It is the only current team not backed by a car manufacturer or a billionaire.

to me this means Williams situation is similar to the "small" NASCAR teams, except Williams has a friendly banker...

[DOF_power]

Originally Posted by Racer Duck

an important point not discussed thus far is:


to me this means Williams situation is similar to the "small" NASCAR teams, except Williams has a friendly banker...

Yes you could day that.
But Bob is right it's cyclical.
Once upon of time Williams F1 where the mightiest (probably wealthiest too) team on the grid.
They're arrogance grew with their string of victories, and drivers like Mansell, Prost, Hill and Villeneuve departed from them in not really the best of terms, ditto the brilliant designer Adrian Newey, and none of the manufacturers ever parted with then in the best of relations either. Eventually when BMW departed and the (other) manufacturers and billionaires now bought into F1 directly thus having their own teams the money bandwagon disapread.
Now maybe things changed somewhat, but 2 years ago, in their first year without a manufacturers, the words in the paddock about them where that they were completely out of touch with reality, the most conservative team on the grid.

As to deserving some might call it Karma, as they where part of those who lead to the elimination of the small customer teams and one car chassis buliding teams when they where the big fish in the pond. Bigger fish came in and they're part of the small strugling team/small fish now.


In the early 1990s they where my supported team as they had the Renault V10s; me being a motorsport fan I cheered for the Renault V10 motors against the V12 and V8 motors from Honda, Ferrari and Cosworth-Ford.




An iconic picture from my early years as an F1 fan, the red 5/Nigell Mansell driven Elf Williams-Renault FW14B.

[Bob Tanner]

Originally Posted by DOF_power

As to deserving some might call it Karma, as they where part of those who lead to the elimination of the small customer teams and one car chassis buliding teams when they where the big fish in the pond. Bigger fish came in and they're part of the small strugling team/small fish now.

Back here, in the Land of the Round Doorknobs, there is a TV sit-com on called My Name is Earl. The ongoing plot is a guy makes a list of everyone he has ever done harm to and goes down the list attempting to personally contact those wronged and righting those wrongs. He makes a big deal out of the fact he's doing this to increase his karma.

Maybe Williams should consider making a list and going to all the manufacturers and personnel they've screwed over the years and righting the wrong? <g> If nothing else, it might make for good TV and give the motor sports talking heads on Eurosports something to discuss in the off season?