Back-to-back third place finishes in the world championship have helped "lift the Williams Formula One team out of the red," according to Kevin Eason of the LONDON TIMES. Profits before tax were a "slender" £200,000 ($284,836) but that was a "substantial revival" from a loss of £31.5M in the year before. Larger payments from F1 CEO Bernie Ecclestone’s Formula One group of companies were the "main driver behind the improvement as the team placed behind Mercedes and Ferrari on the grid." However, Williams is becoming a group that has "widened its focus from results on the racetrack, with interests in defence, green energy and even making golf clubs." The Williams Grand Prix Holdings parent business "saw revenues increase" from £90.2M in '14 to £125.6M last year. Pre-tax losses of £37M in '14 were also cut to £3.3M in '15. Formula One remains "the most important activity, though, and bigger payments from F1" resulted in the track team’s revenues rising from £70.2M in '14 to £101.5M last year. With "improved results has come increased sponsor income and interest, completing the perfect F1 circle as success breeds success." Williams Group CEO Mike O'Driscoll said, "Our improved performance on the race track has also enhanced our power in the sponsorship market, with major brands such as Unilever, Avanade, BT and Hackett joining the Williams Martini Racing Team. We have also seen a number of our partners increase their commitments to the team, which demonstrates the continued strength of our brand" (LONDON TIMES, 4/11).
JOINING THE CALL: REUTERS' Alan Baldwin reported Williams said that "it will seek a more even distribution of revenues under Formula One's next commercial agreement, joining calls by other teams ahead of negotiations to replace deals that expire in 2020." Williams Deputy Team Principal Claire Williams said, "We have to bide our time. I imagine we will all start negotiating new terms ... well ahead of 2020 and I hope that a revision and a re-distribution is something that's tabled as part of those discussions." Formula One teams have individual deals with commercial rights holder CVC, represented by Ecclestone, which replaced the confidential "Concorde Agreement" that previously "governed the way the sport is run and revenues shared out." Struggling smaller F1 teams like Sauber and Force India have long "argued that the distribution is skewed in favour of leading manufacturers, who receive special payments regardless of how they perform on the track." Williams said that all teams "had signed up to the current terms but hoped the landscape would change." Williams: "I very much hope so because I am a firm believer that sports should have equitable platforms to be successful. I wouldn't have an issue if Ferrari got a heritage payment, but not as great as it is" (REUTERS, 4/11).
