Williams has revealed it recorded a more than $50 million loss in 2014. The Grove team, listed on the Frankfurt stock exchange, enjoyed a surge in performance last year following a long slump, but took a financial hit due to 'lower revenue and higher costs'. In a statement, Williams explained that it had embarked on a 'turnaround strategy' in 2013 'following a number of years of deteriorating performance'. 'Consequently, and as anticipated, 2014 was a year of transition,' the team admitted, due in part to lower income and sponsorship as a result of finishing a woeful ninth in the 2013 world championship. Higher costs, Williams added, were due to 'the introduction of the new hybrid power...
Full Story »