The very first Formula 1 team in history, may go bankrupt due to the COVID-19 crisis

10-июн, 09;06 admin 1646
KOVID-19 brought Formula 1 to its knees. Williams is the first team in history that can go bankrupt. To avoid collapse, Williams ' bosses consider selling the company.
Williams finished the last two seasons in last place after 2016 and 2017 ended in 3rd and 5th places respectively. Poor results and the crisis caused by COVID-19 also led to a reduction in financial resources. Moreover, the relationship with the main sponsors of Rokit and Rok Drinks has ended.

External investment can save the team from disaster. The Williams family wants to pass the baton in terms of investment, but Claire, who coordinates the 7-year-old structure, wants to maintain her influence in the team.

Williams hired financial consultants to analyze the current situation and help Frank and Claire Williams make a better decision. The team reported a deficit of 13 million pounds in 2019 after it registered a profit of 16 million pounds in 2018.
In an attempt to save the team, management has resorted to a massive restructuring over the past nine months.

McLaren Racing has laid off 70 employees and supports limiting budgets in Formula 1. the Woking Team has requested a loan of 275 million pounds from the British government, providing a collection of historic cars and its own McLaren Technology Center headquarters as collateral.