Williams Says F1 Teams Must Broaden Income Options

Formula One racing teams that rely exclusively on their F1 sponsorship sales face less financial stability than those that diversify, Williams Group CEO Mike O'Driscoll tells BBC News.

F1 teams "need to think very broadly about how to finance the business," he advises.

O"Driscoll notes that Williams strengthened its base in 2008 by forming two companies to commercialize F1 technologies. One, Williams Hybrid Power, helped develop flywheel-hybrid powertrains for buses and trams. It was sold last April to Britain's GKN plc for 8 million and a percentage of sales for the next 10 years.

The second affiliate, Williams Advanced Engineering, is using its F1 car simulator to help develop driverless cars in the U.K. The group employs 100 people and opened a new research facility last summer.