Williams Not Panicking After Loss of RBS
Given the economic recession, such a news can only produce a blow in Williams' plans for the future in Formula 1. However, in an interview for British magazine Autosport's online edition, the team's CEO Adam Parr revealed Williams F1 is not panicking. Although it's indeed a bad news, RBS' quit will not count so much given the cost-cutting measures implemented by the FIA for the upcoming years.
As costs will decrease heavily in Formula One starting the very 2009 season, by 2011 Williams will have had secured the financing for their racing operations.
“Obviously it isn't good news for the sport that someone like RBS is withdrawing. From our point of view we have suspected for some time there was only a slim chance of them continuing beyond their current sponsorship term, and that is the end of 2010. The important thing for us is that the board confirmed to us yesterday and confirmed publicly today that they will honor the contract until 2010,” said Parr in the aforementioned interview.
“We have a budget for this season and it is reasonable budget. For 2010 the position is similar and 90 percent of the budget for this year is contracted for that year. And there will be further cost savings... I am confident that in time for 2011 we will have a very strong portfolio of sponsors in place. We have a broad range of partners and no individual partner is make or break for this team,” added Parr.
The Williams official also revealed that no less than 10 of the team's partners have already signed new agreements (or deal extensions) for the years to come, 4 of which have brought significant updates to their initial investments.