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Maldonado's sponsors pay R261m

2014-05-05 09:34

PAID OUT: F1 driver Pastor Maldonado's sponsor PDVSA paid the equivalent of R261-million to the Williams F1 team to allow the driver to move to Lotus in 2013. Image: AP

LONDON, England - A $25-million (R261-million) termination payment from sponsors of F1 driver Pastor Maldonado helped Williams to drive back into profit.

The publicly-listed British team released its 2013 financial results on Friday (May 2 2014) showing a $20-million operating profit (equivalent to R209-million) despite a poor season on the track.

Britain's The Telegraph newspaper said the result was helped by the once-off termination payment by Venezuelan oil company PDVSA to Williams for moving its backing of driver Maldonado to the Lotus team for 2014.

Maldonado now drives for Lotus. 

GOOD COMMERCIAL PROGRESS

The report said the payment "is believed to be in the region of $25-million". Williams lost more than $8-million (R83-million) in 2013.

Team owner Frank Williams said: "We made good progress commercially and Williams continues to attract an enthusiastic and very loyal group of partners and supporters.

"These annual results demonstrate that we continue to manage our business in a fiscally responsible way and provide the foundation from which we can continue to grow. We have started the 2014 F1 season well and hope we can continue to improve our performance."

Stay with Wheels24 for the 2014 F1 season – fresh reports every day.
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