10/02/2011
NEWS STORY
Wednesday's announcement about the Williams flotation made it quite clear that the team does not need the funds which will be raised. However, of course, if the team ends up in dire straits then the public shareholders would suffer just as much as anyone else who holds shares in it.
So, from the fans' perspective, there is now more need than ever for the team to have enough money at its disposal. There is no suggestion that Williams is in dire straits but a report yesterday in the London Evening Standard by Pitpass' business editor Chris Sylt revealed that its sponsorship income is not on pole position.
The report showed that, according to F1's industry monitor Formula Money, since the end of last season, Williams has lost 43% of its sponsorship income - its biggest fall in the past decade. In total it has lost an estimated £21m from six brands including German insurer Allianz, a Williams sponsor since 2001, and government-owned bank RBS, which was alone paying £12m to the team annually.
This year Williams has dropped highly-rated German driver Nico Hulkenberg in favour of Venezuelan Pastor Maldonado who brings with him an estimated £9m of sponsorship from local businesses including oil company PDVSA. It takes the team's sponsorship tally to £27m and with only five weeks before the start of the season it is rapidly running out of time in which to do more deals.