The team Williams Racing has a great tradition in Formula 1with its origins dating back to 1977 when Frank Williams got together with Patrick Head to create a competitive team that managed to reach the top during the 90s. However, it suffered some turbulence in the 2000s that took it to the bottom of the championship.
It was during the leadership of Claire Williamsthe creator’s daughter, who went through very challenging times financially that led her to make the tough decision to sell the team. In a recent podcast interview Business of SportWilliams explained what was the main factor that caused the painful sale.
In 2018, the British team entered a deep financial crisis due to the poor results it was obtaining. This led to Lawrence Strollthe billionaire Canadian businessman, to remove his son – driver Lance Stroll – from the team and transfer him to his recent acquisition, Force India, today known as Aston Martin. The problem was that, along with the motorist, the American also received financial support.
“This whole situation drove me crazy because Lawrence was with us,” said the former vice principal. “Frankly, we’re out of money.. In 2019 we had a main sponsor and then towards the end of the season the payments never materialised,” he revealed.
In late 2018, Williams got ROKiT, a phone company, to become his title sponsor. But in 2020 the pandemic arrived, and the F1 season was put on pause for a few months as was the influx of money, which caused the sponsor to leave.
Williams decided to sue ROKiT, and they won the lawsuit for £30 million. However: “They didn’t pay. This left a huge hole in our 2020 budget.. But we were very lucky that someone came to fill that void. And we were able to start the season.”
Ultimately, Claire Williams made the difficult decision to sell the team her father had created. “It was not a decision we made as a family because we had enough of Formula 1. Or because we simply wanted to make money from it. We all wanted to stay. It was our life and that was the plan. We wanted the team to be led by my son or my grandchildren“he admitted, four years after the sale.
Their biggest regret was the low salary they gave their pilots. “In my last era, we didn’t really pay our pilots and that doesn’t sit well. “You can pay them small amounts because it’s the right thing to do, give them some money, but it was really difficult.”
After the sale, the team was in charge of Dorlinton Capital, who assigned Jos Capito as the new CEO. From there everything started to improve. Williams had enough budget to design fast cars, and they had two drivers capable of raising the level of the team: George Russellwhich today runs with Mercedesy Nicholas Lafitiwho decided to retire from the world of motorsports in 2022.
Today Williams occupies eighth place in the Constructors’ Championship, with 16 points accumulated. And recently the team became the center of attention in the paddock after a move that turned the season around. It is about the arrival of Franco Colapintothe Argentine driver who is causing a sensation in the automotive world.
In just three races, Colapinto managed to keep up with the rest of the Formula 1 drivers, overcoming challenges every weekend, and even managing to win points in his second race. From the hand of Alex Albon Like his teammate and James Vowles as crew chief, Williams continues to travel the path of reconstruction that began in 2021.
This is why Claire Williams was finally able to come to terms with the sale. “I have never been so happy to have sold the team” she admitted. “People will say I’m probably being tragic, but I live heartbroken from losing him every day.”
Williams achieved nine constructors’ and seven drivers’ championships, making it one of the most successful teams in the history of Formula 1. Slowly, it is getting back on its feet with the aim of returning to those golden years.