Williams have stunningly recorded a whopping $55,831,350 jump in profit after having been on the cusp of bankruptcy just three years ago. They did so despite finishing last in the Constructors’ Championship last season.
Since teams receive a portion of the prize money depending upon where they finish in the Constructors’ Championship, Williams only received six percent for finishing last. However, since F1 has witnessed such a substantial increase in income because of the overall success of the sport, even teams finishing at the back have witnessed a massive jump in profits.
Williams have been earning profits because of their rebuild
Soon after Williams relayed the information about their profits via their official financial statements, speedcafe.com informed fans about the same. The report states that the Wantage-based firm achieved a £46.4 million ($55,831,350) jump in profit.
Meanwhile, their revenues increased from $117.02 million in 2021 to $173.49 million at the end of last year. The increase in profits for Williams is mostly a result of the team currently undergoing a rebuild under new team principal James Vowles.
After announcing their results, the company issued a statement to explain the reasoning behind their improved performance. “The 2022 Formula One season was a strong year for the sport, with a full calendar of 22 race events, high levels of fan attendance and a return to racing in familiar locations post-pandemic,” read a part of the statement from Williams.
Their statement then added that the increased number of events along with an increase in engagement of the sport in several locations helped to increase the sport’s commercial rights revenue. As a result of the same, it also benefitted Williams to leverage “the growing marketplace to increase its own fan engagement“.
The statement then also adds that the company continued to invest to improve “all areas of its operations, both on and off the track“. Since the FIA has put a cost cap in place, Williams believe that they utilized the same to the maximum to produce a strong package for their car this year.
Cost cap could help lower-end teams become much more competitive
Since the FIA has put a cost cap in place, it provides the teams more of a level playing field. Similarly to how Williams utilized the same to their advantage this season to produce a strong car, their main rivals such as Alfa Romeo and Haas could also do the same.
Another thing that has helped Williams is that the Dorilton Capital took over the reins back in 2020. Since they have provided the necessary influx of capital needed for Williams, promising signs are there for the Wantage-based firm to perform at the highest level in the future.
