Former F1 boss Bernie Ecclestone admits he is looking for investors to save the Williams Racing team, saying “Williams would be a great loss, 100 percent,”
The Williams team, which has been at the bottom of the F1 world championship for two seasons now, cannot hide its financial difficulties and must now act accordingly to save its team.
Williams is one of the oldest teams on the grid, having first competed in the 1977 Spanish Grand Prix, and is still majority owned by co-founder Sir Frank Williams with a 51% stake, while co-founder Sir Patrick Head holds a 9.3% stake.
In 2011 the company was floated on the Frankfurt Stock Exchange to raise capital and as such is required to publish public financial documents and in its latest statement, WGPH [Williams Grand Prix Holding] confirmed that it was considering several options, one of which is the “potential sale of the entire company” including the F1 team.
“I’m looking for people who could be involved. Owning a team is a very expensive hobby. ” Bernie Ecclestone told AFP, the French language press agency.
“It would be the end of an era but I hope that someone who can afford to run the team properly can be found as it is a terrible thing to lose a team like that.
“It is not thinkable. Dear old Frank had to work so hard to make sure the team competed and that happened and now to see it disappear like that, it’s not good, It is a historic team.”
Ecclestone critical of management
Williams’ has struggled for many years now, and certainly the hardest tests for the team have been whilst under the management of deputy team prinicipal and daughter of Frank, Claire Williams.
Ecclestone has highlighted the current management as a serious problem for the team after “Frank was hands-on in the way he managed the team,”
“Unfortunately, the current management do not have the same status as Frank has. He could get things done.” says the former F1 boss.
TJ13 understands that it’s perhaps somewhat unfair to point the finger solely at Claire Williams, the public face of Williams F1 team. Her father still calls the shots, and it is clear that the way Williams has been run this past decade has only highlighted the serious structural issues with the management of the team.
Somewhat off-topic but an interesting insight into the mind of Fernando Alonso, former Formula 1 double world champion, during the recent virtual Indy esports competition Torque Esports/Engine Media’s’ All-Star Legends Trophy.
The event saw professional drivers compete at a virtual Indy 500 race which included some…. READ MORE ON THIS STORY