Sir Frank Williams: Williams economically strong, foundation present to grow further – Formula 1
One of Williams team founder, Sir Frank Williams thinks that the team is economically secured to grow in the Formula 1 2011 season.
Frank stated that Williams recent collaboration with Jaguar Land Rover, along with some open market shares worth £225 million and new businesses like WHP (Williams Hybrid Power) and WTCQ (Williams Technology Centre Qatar), will help the team in overcoming
the financial issues.
Frank said, “Commercially, 2010 has given Williams a solid foundation from which to grow. Amidst one of the harshest sponsorship environments for a long time, we signed Petroleos de Venezuela S.A. and upgraded and extended existing partners, Randstad and
Oris.”
He further added, “This year has seen us build on that with our joint venture with Jaguar Land Rover and we are looking forward to further developments with our new businesses, WHP and WTCQ.”
Williams’ went through a lot in previous weeks starting from a restructuring of their team to some business partnerships.
Williams became the first Formula 1 team to open their company shares to public in Frankfurt Stock Exchange. Williams did a business worth 265 million Euros on 28 percent shares but their value fell after the team’s poor start to the 2011 Formula 1 season.
On the other hand, some business deals in the past few weeks saw Williams getting a strong financial footing.
Frank invested in two new companies named WHP and WTCQ and also joined hands with the Jaguar Land Rover Company in their development of Jaguar C-X 75 hybrid super car.
These new business deals and joint ventures will help the team to inject more money in Formula 1. Williams have also indicated at buying a more powerful and a more expensive Renault engine for their 2012 cars.
For now, Williams’ duo of Rubens Barrichello and Pastor Maldonado will have to drive Cosworth powered engines to boost team’s performance in the 2011 Formula 1 season. The next race of the season will be contested in Spain this weekend.
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