Williams F1 has secured a loan following the sale of one of its engineering branches. The Grove outfit sold its Williams advanced engineering branch back in 2019. The team made the sale in a bid to secure a means of refinancing. Deputy team principal Claire Williams confirmed the sale of the engineering wing and said the team had secured a loan.
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Williams obtain refinancing following the sale of WAE
It’s no secret that the Grove-based outfit is in financial trouble. A lack of results on track coupled with a lack of funds had made life difficult for the British team in F1. The team has relied on sponsorship money or other forms of payment to keep going.
When Williams announced Lance Stroll, several fans accused the team of signing a pay driver. Stroll is a good driver but having a billionaire father as a financier doesn’t hurt. Following Stroll’s departure, the team signed Robert Kubica. The pole hadn’t competed in F1 for over 7 years but his backing from a large oil corporation definitely boosted his chances at a seat.
Nicholas Latifi replaced Kubica and he too brings in a great deal of sponsorship money. Latifi’s father happens to be the founder of a large foods corporation and unsurprisingly sponsors the team. Allegedly, Williams’ financial source also includes Michael Latifi’s( Nicholas’ father) Latrus Racing. Speaking to Motorsport.com, Claire Williams opened up on Williams’ refinancing.
“Following the sale of WAE at the end of 2019 we began a refinancing process”
“After considering a number of options, we have now concluded our refinancing with a consortium of lenders, all of which was negotiated on an arms-length commercial basis. The loan package provides us with the resources that we need moving forward,” said Claire.
Williams Advanced Engineering was the technological and Engineering wing of the Grove-based outfit. The company was involved in battery development, renewable energy and research in the areas relating to automotive, aerospace, civil and much more.
The British team had one of its worst seasons in Formula 1 year. Williams scored only a single point in 2019 and finished plumb last in the Constructors’ Standings. The team may have secured a means to keep going for the foreseeable future but needs results to sustain itself for the long term.
