Williams reports 34m Euro loss for 2014; bullish on future finances

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Williams Grand Prix Holdings PLC announced its financial results for last year, ending December 31, 2014. That’s the holding company for all Williams companies, including Williams Grand Prix Engineering Limited.

Given the team’s struggles in 2013 and with financial payout awarded the following year for the previous year’s performance, 2014 was always going to be a difficult year financially for the company.

The holding company announced a loss of 34.3m Euros, which was higher than its 11.9m Euro loss in 2013.

But that’s due to two factors. The new specification of cars that were produced last year contributed to higher costs, and there wasn’t as much additional revenue that came in.

Williams improved to finishing third in last year’s Constructor’s Championship and should have a substantial financial increase when its 2015 results are reported next year. Williams ranks third again this season through four Grands Prix, and trails only its manufacturer partner Mercedes and Ferrari.

“The decision to invest in the team has been more than validated, with a third place finish in the 2014 Constructors’ Championship, up from ninth in 2013,” group CEO Mike O’Driscoll said in a company release.

“Midway through 2013 we set out on an ambitious turnaround strategy to reinvigorate the Formula One team, create a strong and profitable Advanced Engineering business, and divest non-core activities.

“In 2014 we made very good progress against those objectives, investing significantly in people, facilities, and technology which we believe will provide a solid foundation for the future.”

More information on the financial results is listed here, via Williams’ official website.

Andretti United team names drivers for inaugural Extreme E season

Extreme E drivers Andretti
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The Extreme E team formed by Andretti Autosport and United Autosports named Catie Munnings and Timmy Hansen as its drivers Monday for the series’ inaugural 2021 season.

Munnings is a successful veteran of rally series. Hansen is a past winner and champion in the World Rallycross Championship.

They both will race in the environmentally conscious electric SUV series that will hold events in five areas around the world that are threatened by climate change. Chip Ganassi Racing and six-time Formula One champion Lewis Hamilton also are fielding cars in Extreme E, which will feature male and female co-drivers on every team.

Catie Munnings

“I’m so excited to join Andretti United Extreme E,” Munnings said in a release. ““I was really intrigued when I first heard about Extreme E, I just knew I had to be involved. The male / female racing partnership is a fantastic and exciting new concept. The season has incredible locations and the racing will be very exciting. It will be a new challenge for the teams and drivers, and I’m so thrilled to be working with such a strong team.

“The championship is a really innovative concept, it’s combining motorsport and science and will produce an important legacy in each race location. Bringing the platform that motorsport has in line with the awareness that the planet needs right now is awesome and a really important message.”

Timmy Hansen

Said Hansen: “Going into the Extreme E will be a new chapter in my career, one that I am extremely excited about. It is something brand new, not only for me, but the whole of motorsport. The format is something

we’ve never seen before. I’m also delighted to be able to carry the message of something bigger – talking about the environment and doing something good for the world – that’s something that really drives me. It’s going to be a big adventure in life to see these locations and I’m going to do my best in carrying this responsibility and hopefully making people aware of the challenges we have in the world, together with our passion for racing.”