Williams posted a $7.8m loss last year despite scoring its first F1 victory since 2004. The Formula One team reported its annual results for 2012 on Monday.
Chief executive officer Alex Burns noted that $14.59m in income from Formula One “has not been included in these results because of the technical interpretation of today’s accounting standards”.
Founder and team principal Sir Frank Williams said: “2012 saw Williams make encouraging progress on and off the track and we are determined to continue that upward trend in 2013.”
“The win at the 2012 Spanish Grand Prix was a particular highlight and we continue to develop strong sponsorship partnerships and engineering relationships. At the end of the year the Williams F1 Team finished eighth in the FIA Formula One World Constructors’ Championship.”
“There is still a way to go for the team to get to where we should be, but improvements on previous seasons are evident.”
It’s been a period of mixed fortunes for Williams. Their win in Spain came after the surprise resignation of chairman Adam Parr. Over the remainder of the season they generally failed to deliver on the potential of the FW34.
The team has also lost chief operations engineer Mark Gillan since then and executive director Toto Wolff, who moved to Mercedes.
The loss of Sir Frank’s wife Virginia to cancer came on the eve of the new season. The team is yet to score a point in four races this year, but has a major upgrade planned for the next race at the scene of its 2012 triumph.
Greaves car, lineup confirmed for FIA WEC’s Mexico City race
Junqueira (above) back in action. Photo: Getty Images
Diaz (right) is another prototype class veteran, with recent PC experience (8Star Motorsports and PR1/Mathiasen Motorsports) added to his LMP2 days with Fernandez Racing.
All three of them also competed in Champ Car World Series races in Mexico City, with Gonzalez and Diaz part of a six-Mexican driver entry in the 2003 race (Adrian Fernandez, Michel Jourdain Jr., Mario Dominguez and Rodolfo Lavin).
Ricardo Gonzalez co-drives the No. 43 RGR Sport Ligier JS P2 Nissan with Bruno Senna and Filipe Albuquerque in the WEC.
Around two-thirds of the Formula E grid also race in the WEC, with the two championships preventing clashes so that drivers do not have to pick between them. As a result, it seems inevitable that one of the races will have to change date.
Jolyon Palmer felt “gutted” after a likely top-10 finish in Sunday’s Hungarian Grand Prix was lost following a spin in the closing stages, costing him his first Formula 1 points.
2014 GP2 champion Palmer joined Renault for its return to F1 as a constructor in 2016, but arrived in Hungary without a point to his name from the opening 10 races of the season.
Palmer was left disappointed on Saturday after a red flag knocked him out of qualifying at the first hurdle, but a long first stint brought him into contention for points.
Palmer moved into the top 10 after jumping Nico Hulkenberg in the pits, only for Renault’s hard work to be undone when he spun off at Turn 4, losing three positions in the process.
The Briton was ultimately classified 12th after Esteban Gutierrez’s time penalty, extending his points drought to 11 races.
“I’m gutted as my first points in Formula 1 were there for the taking,” Palmer said.
“The car was good and I was driving well within myself in P10. I turned in the same as normal at turn four – I wasn’t hanging everything out and I was looking after the tires – but for some reason I lost the car in a massive snap.
“I need to look at everything with my engineers to see if there is anything we could have done to prevent it.
“I was running tenth, we had completed all our pit stops, we had good pace relative to those ahead and behind so it looks like we’ve made a real step forward this weekend.
“It was the best drive of my career today and just one small spin took away those points.
“I’m gutted today but I’ll be fighting to get in the same position or better in Hockenheim.”