Mar.13 (GMM) Williams will not rush into signing a new title sponsor, chairman Adam Parr insists.

Adam Parr, CEO Williams
Adam Parr, CEO Williams

Photo by: xpb.cc

The famous British team performed woefully in 2011 and lost its naming backer ATT, yet recently revealed improved turnover and profits.

And Parr told Reuters the Grove based team has more than $45 million in the bank.

"I am very satisfied with what we have done overall with the business," he said.

"We don't have a title sponsor at the moment and obviously that's an important initiative for us. But it's something that you have to get right because your title sponsor is the most visible of your partners," Parr explained.

"In many ways, it sets the character of the team. You want a title partner who is very active in the way they promote and activate the partnership.

This is something we want to get right

Adam Parr

"This is not something we are going to rush into, this is something we want to get right."

For the moment, Williams' main source of income appears to be the controversial deal with Venezuela's state-owned oil company PDVSA, including Pastor Maldonado as driver.

"PDVSA is an important partner of the team in financial and other respects but it is by no means the only one," insisted Parr.