Formula One news

Cost-cutting rules saved team - Williams

Frank Williams claims that new cost-cutting rule changes in F1 - the result of work between the FIA and the teams' association (FOTA) has allowed his team to survive and even have a chance at being competitive.

Two of the team's sponsors RBS and Baugur have been hit badly by the current economic crisis and this has impacted their ability to continue with Williams. 

"Given the financial pressure we are under, the consequent changes to the rules to reduce the cost of racing are a major benefit," Williams told the Financial Times. "We need to make a profit. To be successful and be certain of staying in business we need to be successful financially too. So we need to make a profit every year. We've lost in the last two or three years but we have the reserves and resource to manage that."

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