Postponement of execution for Williams: Team confirms proceeds of £28 million

01-06-2020 07:54
by GPblog.com
General
Postponement of execution for Williams: Team confirms proceeds of £28 million

That Williams is not quite calm sailing can be considered an understatement. After the announcement that the team is looking for a new investor, it is clear that Williams is in big trouble.

Borrow even more

The team, which was led to the top of Formula 1 by Sir Frank Williams himself, now seems to be in trouble in the hands of his daughter Claire. The team has not performed for years as it did in its heyday and was often dependent on 'pay drivers'. The corona crisis was the straw that made the bucket overflow.

The team has now confirmed that it has raised 28 million pounds with the loan arrangements restructured in April. Some of these loans should be paid back before April 2022, while the others are for a longer period. The main party to this loan is Michael Latifi.

Postponement of execution

However, more and more of Williams falls into the hands of other parties, because where HBSC already financed part of the plant, now the land on which it stands, the plant itself and other properties in Grove including the 100 historic cars from 1978 to 2019 are in the hands of investors.

The loans are piling up and so it is not surprising that Williams is going into sale. The family would love to keep the name in Formula 1, but after years of mismanagement there is no holding on to it anymore. The buyer is now a big seller, because although a few loans are still outstanding, Williams will never be able to catch a large amount of money for the once illustrious brand with all its facilities.

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