Jan.24 (GMM) F1 might have lost the former championship winning team Williams if not for the latest moves to cut costs.
Adam Parr, chief executive of the Grove based team that has won nine constructors' and seven drivers' titles, told the Financial Times that Williams' ability to borrow money has reached a limit."I think it would be fair to say we have reached a point where further borrowing is not acceptable to the board of this company," he said.F1 chief executive Bernie Ecclestone revealed to the same publication that he has advanced the independent team more than 15 million euros.The bonus, comprised of backdating increased commercial income to 2004-2007, is available to teams willing to sign the new Concorde Agreement now."It's a prepayment (for Williams)," Ecclestone explained. "They are entitled to some back-payments only due for payment when they sign the Concorde. We said to them we will pay you now."Team boss, founder and co-owner Sir Frank Williams confirmed that his outfit is under "financial pressure" and so the sport's reaction to the global financial crisis has been crucial.Since 2006 the British team has been without the support of a carmaker, and the new FW31 revealed last week in Portugal featured only a handful of prominent sponsors, all but confirming the departure of the embattled Icelandic investor Baugur."We need to make a profit every year," said Williams. "We've lost in the last two years, or three, I think, but we have the reserves and resource to manage that."