Williams has announced refinancing measures that include loans from HSBC and Michael Latifi and their lands and properties being mortgaged.
HSBC has long been a partner of the team, while Latifi’s contribution comes via Latrus Racing, a company he owns. It is the latest in a long line of financial investments made by the Canadian, with Sofina, another of his companies, being the team’s sponsor for 2020.
“Following the sale of WAE at the end of 2019 we began a refinancing process,” deputy team principal Claire Williams told Autosport.
“After considering a number of options, we have now concluded our refinancing with a consortium of lenders, all of which was negotiated on an arms-length commercial basis.
“The loan package provides us with the resources that we need moving forward.”
Autosport also stated in their report that, as part of the arrangement, a mortgage has been taken out on the team’s land and buildings, factory plant and machinery.
Also included are “heritage assets”, over 100 Williams cars that have been driven in the 42-year existence of the team. These include last season’s machines and various title-winning ones.
The measures come at a time when each team on the grid is losing around $2million for each race that doesn’t take place in the form of sponsorship, tv and prize money.