Figures show Williams in rude financial health

Williams has announced that it is in a strong financial position, after figures for 2008/2009 showed that the team made a profit.

The Grove-based operation made the announcement over the Turkish Grand Prix weekend and revealed that the majority of its budget is in place for next season.

“This year I am expecting results at least as good as 2009, very similar,” Chairman Adam Parr said in a report on the team’s official website. “For 2011, we’ve got pretty much where we typically are at this time of the year. We’ve got the majority of our budget covered for 2011 but we are in discussions with current partners and potential partners to build that up. I don’t know if any team has all of its budget covered for next year, unless somebody is literally writing a cheque.”

Figures show that Williams made a profit of 4.5 million pounds over the thirteen month period – lower than the 9.2 million made in the team’s previous financial results. Despite this the company reduced its overall indebtedness, ending the term with a net cash of 3.9 million compared to the net debt of 25.5 million which was recorded in November 2008.

Ultimately, Parr attributed much of the team’s financial success to the reduction of running costs in the sport, stating:

“Turnover was lower and it will be lower again this year,”

“But costs were also considerably lower. We were able to repay quite a considerable amount of debt last year and we have already repaid quite a lot this year. The bottom line is that the team has been profitable in the last two years.

“The figures are perhaps an encouragement that it is possible, but not easy, to compete. And it’s not going to get any easier in the coming years because we are in a very difficult economic environment.”