When the Williams Formula 1 team announced in May it was for sale, it came as a shock to the sport. Williams acted after the team lost $13.25 million last year compared with a profit of $21 million in 2018. The team also terminated its partnership with the title sponsor ROKiT, a telecommunications company. “They were the final nails in our coffin,” Claire Williams, the former deputy team principal, said in an interview. “It was like, ‘Right, we’re really scraping about here on what we’ve got.’ Then the decision came that we had to seek investment or sell.

Source: New York Times December 11, 2020 13:30 UTC