F1
Laurence Edmondson, F1 Editor 6y

Williams reveals financial results for 2017

Formula One

After announcing a slight increase in profits from its Formula One team during 2017, Williams has underlined the importance of a more level playing field in F1 from 2021 onwards.

Both the Williams F1 team and Williams Advanced Engineering reported an increase in revenue and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) last year, with the team generating £125.6m in revenue and EBITDA of £16.0m for 2017.

Williams Grand Prix Holdings reported a slight decline in revenues from £167.4m in 2016 to £166.2m in 2017 and a decline in EBITDA from £15.5m in 2016 to £10.8m in 2017, which the company attributed to "a reduction in non-recurring project revenue".

Group CEO Mike O'Driscoll said the results are proof of Williams' current strength, but stressed the importance of changes planned by F1's new owners Liberty Media for 2021.

"Our results gave us confidence to continue investing in our facility and technical capabilities," O'Driscoll said. "Our Formula One team maintained fifth place position in the FIA constructors' championship for the second successive year. Williams Martini Racing was the only team, outside of the top three, to reach the podium in 2017, which was achieved by Lance Stroll at the Azerbaijan GP.

"This illustrates the large gap in competitive expenditure between the leading teams and the rest of the grid. We are hopeful that Liberty Media's long-term vision for the future of the sport can deliver a more level playing field, on which all teams can compete more fairly. In the meantime, we are intensely focused on improving our own performance, following a tough start to this season's campaign.

"Although there are many challenges on the horizon, we are well placed to succeed, with a strong and talented organization, and world class facilities. These results once again demonstrate the capabilities of the Williams team to continue to grow the business in a tough and unrelenting environment."

Speaking at the Bahrain Grand Prix, deputy team principal Claire Williams said Liberty's plans for 2021, which include a $150 million budget cap, would be enough to secure the future of the team.

"I came back [from the meeting with Liberty] thinking let's crack open some champagne, because from our perspective if we can get these new regulations through, and if Liberty/FOM do everything they say they are going to do, that they presented this morning, then from our perspective I know that Williams' future is safe.

"That's not to say that we were on the brink, or anywhere close, but with today's sport and the way it is structured and with the financial disparity between teams then the likelihood of Williams' survival into the medium and long-term was looking pretty bleak. Everything they presented from revenue redistribution to cost caps is absolutely everything that we want to see from 2021 and beyond, so I'm personally delighted with the proposals that they laid down."

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