Williams make loss for second consecutive year

Williams, the only F1 team currently not backed by a billionaire or a car manufacturer, have recorded a loss for the second year in a row. Accounts filed on Tuesday have revealed that the team s losses for 2006 and 2007 total $80 million with the team increasing their bank borrowings to help the team build a strong competitive base.

“The decision to increase net debt to support a return to competitive on-track performance was driven by a strong long-term business plan,” they said.

Auditors Grant Thornton have no worries about the future of the team, despite the losses. “There is a reasonable expectation the company has adequate resources to continue operating for the foreseeable future,” they explained.