Williams F1 Record £42.5m Loss in 2014
April 27, 2015
Formula One team Williams have announced a loss of £42.5 million for 2014.
This is in huge contrast to the £11.9m profit they made in 2013 and with the team finishing in their lowest ever position of ninth in the 2013 Constructors’ Championship, the loss can be attributed to a reduction in prize money and sponsorship.
They posted an overall turnover of £71.2m, significantly lower than the £106m in 2013.
Mike O’Driscoll, Group Chief Executive Officer, said: “The financial performance of the Group in 2014 reflected the poor on-track results of the prior three years, which resulted in a marked deterioration in commercial rights and sponsorship income.
“Last year was also adversely impacted by the costs of relocating our Advanced Engineering activities. Our much improved performance in the 2014 Championship will be seen in higher commercial rights and sponsorship income in 2015, coupled with improved performance from our Advanced Engineering division.
“Our ambition in 2015 is to consolidate the progress we made last year, continue building the necessary foundations for future sporting and commercial success, and consequently to materially improve our financial results for the coming years.”