Williams loses RBS

[Dare]

 
Williams CEO Adam Parr has downplayed Wednesday's news that RBS have withdrawn their sponsorship of the team, insisting that Williams have a bright future.


The Royal Bank of Scotland announced on Wednesday that, in the wake of heavy financial loses, they would not be renewing their sponsorship deal with Williams, leaving the team with an estimated shortfall of £10m.


"We recognise that we are now operating in a very different economic environment and have been reviewing all of our activities since October," said Andrew McLaughlin, RBS Group Director, Communications.


"It is imperative that we respond to the reality of the situation we face and that we do so in an orderly way that respects the commercial agreements we have in place and the implications for our partners and the jobs they support."


RBS' withdrawal has raised some questions about Williams' future participation in F1 as the privateer team doesn't have the backing of a major manufacturer.


Parr, though, says he remains confident Williams has a bright future despite the team needing to pay off huge debts.


"I know it is very difficult to paint a positive picture at the moment," he told Autosport.


"What you have to think about is this - when I came into the sport a few years ago, I was sitting across from people (in team principals' meetings) who said money does not matter to us. Now, we don't have discussions like that any more.


"In order for Williams to be competitive and be in the frame for the past two or three years, we have had to spend beyond our means.


"For the next two years we will not do that, and we will be paying off a significant chunk of debt. We are (now) seeing a scenario where our means are not dissimilar to the rest of F1."


As for F1 as a whole, Parr has poured cold water on fears that RBS's exit spells doom for the sport. "Obviously it isn't good news for the sport that someone like RBS is withdrawing," he said.


"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 honour the contract until 2010."


The team's CEO added he expects Williams will be able to find sponsorship deals to replace the lost RBS contract.


"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."
   Planet f1