F1: Williams up for Sale as ROKiT Sponsorship Terminated

Due to the financial struggles companies have had as an effect of the Coronavirus Pandemic, Williams have said that they are looking to sell it's F1 team and have already begun the process to look for interested parties.

The Grove-based outfit have appoined joint financial advisers to help assist in its review and to find potential parties for takeover or investments.

A statement from the team said: 

“The WGPH board is undertaking a review of all the various strategic options available to the Company. Options being considered include, but are not limited to, raising new capital for the business, a divestment of a minority stake in WGPH, or a divestment of a majority stake in WGPH including a potential sale of the whole Company.

“Whilst no decisions have been made regarding the optimal outcome yet, to facilitate discussions with interested parties, the Company announces the commencement of a "formal sale process.”

The announcement comes after the Williams group revealed its 2019 financial figures - a loss of £13M, compared to a £12.9M. The revenue of the group fell from £176.5M to £160.2M in 2019, with the F1 team's revenue falling from £130.7M to £95.4M. 

Williams' Chief Executive Officer Mike O'Driscoll said that the fall in income was due to the loss of commerical rights income because of the lack of competitiveness the team has endured the past few seasons, however despite this, the team said that all contract obligations from ROKiT had been met.

The statement from O'Driscoll on the sponsorship termination is as follows:

“The financial results for 2019 reflect the recent decline in competitiveness of the F1 operation and the consequent reduction in commercial rights income.

“The 2020 Formula 1 season has, of course, been disrupted due to the COVID-19 pandemic, and this will have an impact on our commercial rights income this year.

"The Team have also served notice to terminate its relationship with its title partner, ROKiT, and major sponsor, ROK Drinks. In common with many other businesses, we have taken extensive action to mitigate, including a prolonged furlough period for much of our staff.

"As this awful global crisis recedes, everyone at Williams Racing is looking forward to the start of the new season.”