Maldonado paid $25 million to leave Williams - report

20,402 views

A contract termination payment of $25M in the Williams annual report reveals the whole story.

May 3 (GMM) A $25 million termination payment from Pastor Maldonado's sponsor helped Williams to drive back into profit.

The publicly-listed British team released its 2013 financial results on Friday, showing a $20m operating profit despite a poor season on track.

The Telegraph newspaper said the result was helped by a one-off termination payment made by the Venezuelan oil company PDVSA, who wanted to move their backing of driver Maldonado to the Lotus team for 2014.

The report said the payment "is believed to be in the region of $25m", in the wake of a more than $8 million loss recorded by Williams just a year ago.

"We made good progress commercially through the winter months and Williams continues to attract an enthusiastic and very loyal group of partners and fans," team boss Sir Frank Williams said in Friday's statement.

"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 Formula One season well and hope we can continue to improve our performance," he added.

Write a comment
Show comments
About this article
Series F1
Article type Breaking news
Tags pastor maldonado, williams

User photos

akazoinho
F1

akazoinho

4 photos
Tim Holmes
F1

Tim Holmes

25 photos
EuroRacer
F1

EuroRacer

38 photos
Evan_DeCiren
F1

Evan_DeCiren

27 photos
jimmykwoods
F1

jimmykwoods

2 photos
nickmossdesign
F1

nickmossdesign

1 photos
EricDebris
F1

EricDebris

411 photos
hanmerdesign
F1

hanmerdesign

7 photos
Upload photo