LONDON: Investment to restore the on-track performance at Formula One team Williams pushed the former world champions into a financial loss in the first six months of the year, the team’s owner said yesterday.
Williams have enjoyed a racing revival this season and have 150 points and stand fourth in the team standings ahead of this weekend’s Italian Grand Prix. Last year, the team managed only five points all season.
That improvement came at a price, with parent company Williams Grand Prix Holdings reporting an operating loss of 17m pounds ($27.75m) in the first half of 2014.
“These financial results are in line with the board’s expectation of what is required to rebuild and reinvigorate the team,” Chief Executive Mike O’Driscoll said.
“We believe that they reflect the transitionary period that we must continue to work through if we are to realise the potential of the group,” he added.
REUTERS
