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...
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