Concorde Agreements: Williams received a payment from Ecclestone
The Williams F1 team has revealed that it received a payment from Bernie Ecclestone following the signing of the Concorde Agreements for the 2013-2020 period.
Following the loss of several sponsors, the Williams team has decided to open part of its capital to investors through the stock market. The British team has been listed on the Frankfurt Stock Exchange since March 2011 and, as a result, must disclose its financial results.
This is what she recently did, notably unveiling a net profit reaching several million euros, thanks in part to a payment made following her signing of the Concorde Agreements.
« The notable increase [in our revenue] is largely due to our diversification strategy as well as the recent receipt of a payment following new commercial agreements for our continued commitment in Formula 1, » states the Grove team in a press release.
This payment is not surprising, however, as according to the information that has been leaked, these new Concorde Agreements offer financial bonuses to teams that have been in Formula 1 since 2000 and have not changed their name, as well as to teams having won constructor titles in the past, two conditions that the Williams team fulfills.
