Williams F1 receives a £26 million boost in its preparations for 2023 season

Williams received a £26 million boost in its preparations for the 2023 F1 season as it secured a payout from former title sponsor ROKiT. The venture capital conglomerate began a title partnership with Williams in 2019 (a three-year deal). They announced a further two-year extension in July of that year, which would take them through the 2023 season.

But the 2020 pandemic saw ROKiT renege on their sponsorship of the team.

After a lengthy legal process that saw the team win an arbitration case based on missed payments as part of their sponsorship agreement, the Grove-based squad assured a payout of £26,220,094.25. They locked in a further $1 million (£813,000) bonus payment, as well as legal costs incurred.

Williams has been one of the teams that's faced a cash crunch for a long time. It was this lack of money that led to the team getting sold to Dorilton Capital a few years ago. The team, however, has made strides forward. The 2021 season saw George Russell score a podium in Belgium. The 2022 season has been positive as well with multiple points finishes for the team.

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Williams has been stuck a bit in the past

In a recent interview, the team's technical director François-Xavier Demaison explained the areas where improvements need to be made. Demaison explained that the lack of investment has left the team stuck in the past. He said:

“For many reasons, mostly financial, Williams have been stuck a bit in the past. So, that was the priority. Invest in the wind tunnel, invest in the factory and invest in people.”

He added:

“An engineer is never happy with the speed of evolution. So, I will not give you a number because that will indicate where we are, but it’s progressing well. I see a good dynamic. The team is working more and more together. I start to see the type of working atmosphere like, it’s people exchanging, talking and having discussion.”

There was a time when the team used to be a dominant force in F1 - an image that's a far cry from where the team finds itself right now. Nonetheless, with operations trending in the right direction according to Demaison, the outfit could very well find itself competing in the midfield sooner rather than later.