Williams Grand Prix Engineering, the company behind the Williams Formula 1 team and owned by Dorilton Capital, raised $747.8 million in 2024 through two new-share offerings, yet reported a net loss of $67.3 million for the fiscal year. Management says the result reflects deliberate investment during an ongoing rebuild and represents progress versus 2023.
Inside Williams’ 2024 Accounts
Revenue: just under $242.3 million
Operating expenses: $237.2 million (up $20.2 million year over year)
Other operating income: up 50%
Net loss: $67.3 million
Liquidity: $33.7 million cash on hand
The team bolstered its balance sheet through two equity raises: $365.5 million in October 2024 and $382.3 million in December 2024. Both were stock offerings in which the company created and sold new shares to investors, which can include both new and existing shareholders. Equity capital strengthens the balance sheet but does not count as revenue, which helps explain why Williams could raise substantial funds in the year yet still report a loss.
“While the group remains in a loss-making position, this is in line with the group’s expectations and strategy to continue investing in all areas of the business to drive on-track and commercial performance in pursuit of medium- to long-term success,” said Matthew Savage, Director, Dorilton Capital (team owner).
Since September 2020, Williams has executed nine share grants totaling $2.02 billion in contributions as part of a ground-up rebuild under Dorilton, which acquired the team from the Williams family in August 2020 for $200 million. As of the end of 2024, the team was valued at $1.24 billion, with the valuation likely higher given a strong 2025 season underway. Even so, given the magnitude of capital invested relative to that valuation, Dorilton would likely see a small increase in returned value if they were to exit.
“The balance sheet remains strong, providing a sound financial foundation to pursue the team’s long-term strategy of returning to the top of the standings and ensuring financial stability.”
Team principal James Vowles discussed the future of the team under his leadership ahead of the Singapore Grand Prix.
“Williams is bigger than me, it’s bigger than Carlos, he’s bigger than Alex, and those two want to pull together to bring this team back to the front, and that’s what you can see,” he told Sky Sports F1.
“I’m proud of the progress we’ve made, there’s no doubt about it, and I’ve said many times over, this car really wasn’t the focus. We just did things right, just basic foundations done properly and well. There’s another step in improving next year, another step in improving beyond.
“The time at which I think we will have the facilities, the machines, the process, the data even, to start competing with some of the giants is still a couple of years away. It sounds a long time, but we will step forward every year from here onwards. I’m fairly confident of that.”