Legendary Formula One team Williams received $35.7 million in arbitration after winning the court case against former title sponsor ROKiT.
Williams Racing’s 2019 car was dreadful on the track being almost 2 seconds off the pace. Moreover, it had a red, blue, and white livery with ROKiT’s logo on it.
Formula One fans trolled the car’s design and the livery with the toothpaste-like design. Moreover, ROKiT extended their deal in the same year till 2023.
However, things did not go as planned. In the COVID pandemic era, the Wantage-based team terminated the contract. Hence, ROKiT took them straight to the court.
ROKiT group takes Williams Racing to the court
The ROKiT group has a diverse portfolio from mobile phones to drinks and lifestyles. One of the reasons for the mutual termination was William’s loss in the pandemic.
Moreover, Williams owed $24.4 million and sent ROKiT a document for an urgent transfer of the same. Besides, Johnathan Kendrick owner of ROKiT had promised to pay $1 million to the team in March 2020.
Williams had a change in ownership during this particular point in time. Dorilton Capital purchased the team from the Williams family around this time.
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The Legendary F1 team wins the case and receives $35.7 million
In court, arbitrator Klaus Reichert SC ruled in favour of Williams. ROKiT failed to pay the money owed to the former despite promising full payment and agreeing on the financial packages.
According to ROKiT, they did not send the money to the F1 team as the team did not fulfil its obligations. This was based on the deal after January 1, 2020.
Thus, nine-time world champions won the case from a London Court of International Arbitration tribunal in 2021. The team received $35.7 million from ROKiT including a $1 million bonus payment as promised by the owner previously.
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