The Williams F1 team "has pulled clear of the financial strugglers in the sport" with a £22M ($37.1M) boost in its income, according to Kevin Eason of the LONDON TIMES. The team's parent company, Williams Grand Prix Holdings, reported financial results on Friday that "revealed a recovering business and a flagship squad on the track returning to prominence after a decade in the doldrums." The F1 team was helped by a "one-off payment from PDVSA, the state-owned Venezuelan oil company" that backs driver Pastor Maldonado, who "walked out of the team last season to join Lotus." However, the team has recruited Italian drinks brand Martini as title sponsor, which is being viewed as "heralding a brighter future." Income for the F1 team was up from £86.4M in '12 to £108.5M last year, an increase of 26% and a "huge boost at a time of financial uncertainty in the sport." Revenue for the Williams group, "which includes a business to turn race technology into conventional manufacturing," surged to £132M in '13 from £106M in the previous year. That "resulted in an operating profit" of £12M after a loss in the previous year of £5M (LONDON TIMES, 5/2).
