Formula 1

Latest results reveal massive profit for Williams in the wake of Valtteri Bottas move

Published Add your comment

Football News
24/7

Formula 1 team Williams’ latest financial results were published on Tuesday, and revealed a profit of more than £10.4million.

It’s believed that this is largely down to a payment they received from Mercedes for the release of Valtteri Bottas to them before the start of the season.

Mercedes were forced to draft in Bottas after the shock retirement of world champion Nico Rosberg, leaving Williams to coax Fellipe Massa out of retirement to take his seat within their own team.

And, it looks like Williams set a hefty price tag on their star man, forcing Mercedes to shell out roughly £10million for him.

Despite the hefty profit, Williams’ prize money dropped as a result of their fifth-place finish in the Constructors’ Championship, although the strength of the dollar (in which revenues are paid) against the pound slightly offset the impact of this.

“FOM (Formula One Management) and sponsorship income is broadly consistent between 2016 and 2017,” said Williams CEO Mike O'Driscoll in an interview for Motorsport.com.

“The primary performance between 2016 and 2017 was driven by a one-off non-recurring item which we had to recognise in the first half of 2017.”

O’Driscoll said he had no concerns for the stability of Williams’ revenue in the near future, but he did point to the increasing difficulty of financing a Formula 1 team with the current structure.

Talks are currently being held on the subject of cost control within the sport, and he revealed his own desires for the outcome of those discussions.

“We don't provide forward-looking forecasts as we're a listed company but I can confirm we would anticipate the majority of our income remaining broadly consistent,” O’Driscoll said.

“We're faced with mounting cost pressures as we continue to invest in our performance.

“Making commercial sense of an independent F1 team in today's environment is dependent on agreement of sensible cost controls and a much fairer distribution of revenue and we're a long way from both today.

“We're also optimistic that FOM will be able to substantially grow top line revenue and profitability in the coming years and boost returns for all of the teams competing in F1.

“Realistically I would anticipate that any cost cap would require a sensible glide path to enable all the teams to reach it in an appropriate way.”

Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: https://www.givemesport.com/writeforgms

Topics:
Formula 1

Article Comments

Read more

Report author of article

Please let us know if you believe this article is in violation of our editorial policy, please only report articles for one of the following reasons.

Report author

DISCLAIMER

This article has been written by a member of the GiveMeSport Writing Academy and does not represent the views of GiveMeSport.com or SportsNewMedia. The views and opinions expressed are solely that of the author credited at the top of this article. GiveMeSport.com and SportsNewMedia do not take any responsibility for the content of its contributors.

Want more content like this?

Like our GiveMeSport Facebook Page and you will get this directly to you.

Already Subscribed to Facebook, don't ask me again

Follow GiveMeSport on Twitter and you will get this directly to you.

Already Following, don't ask me again

Like our GiveMeSport Page and you will get this directly to you.

Already Subscribed to G+, don't ask me again