Cape Town - Releasing their financial details for the first half of
2018, Williams have urged Liberty Media to "bring about a fairer, more
level playing field for all teams."
Williams Grand Prix Holdings PLC, the holding company of the
Formula 1 team, announced a drop in revenue for the first half of 2018, down
from £85.9 million in 2017 to £82.6m this year.
Overall earnings dropped as did F1 revenue, which fell from £65.5m
Acknowledging that it has been a difficult year for
Williams, who are last on the Constructors' log, chief executive officer Mike
O’Driscoll urged Formula 1 to embrace a "level playing field" which
would boost Williams' results, and hopefully their earnings.
"We have delivered a solid set of financial results in
what has been a challenging half year for our Formula 1 operations, whilst
continuing to demonstrate growth in our Williams Advanced Engineering
Business,” O’Driscoll said.
"Revenue and EBITDA in Formula 1 reduced in the first
half of 2018, reflecting the challenging financial environment we operate in as
an independent team.
"We are enduring a tough 2018 season on track, which
has demanded additional investment to tackle performance issues, and we have
been working through these while also turning significant attention to the
design of next year’s car.
“There continues to be a large gap in competitive
expenditure between the leading teams and the rest of the grid, and we remain
hopeful that the future of the sport under Liberty Media will bring about a
fairer, more level playing field for all teams.”
He added: “Although we continue to face challenges in a very
dynamic environment, we are well placed to respond. With world class facilities
and a strong and talented organisation, Williams remains determined to