Williams in strong position despite RBS exit plans 26 Feb 2009
Frank Williams has thanked sponsors RBS (Royal Bank of Scotland Group) for their contribution to the team following news that they are to conclude their partnership at the end of their current contract in 2010.
RBS has been a great partner for this team and we are pleased to have made our contribution over the past four years to developing the RBS brand internationally, said Williams. Thanks to the support of RBS and our many other loyal partners, we are in a strong position to ride out the inevitable challenges of the next two years.
RBSs decision follows a strategic review that will result in a 25 percent reduction in their sponsorship and related costs in 2009 and around 50 percent by 2010. The move comes in light of the heavy losses announced by the banking group on Thursday.
Throughout our relationship, Williams have shown great understanding and innovation in driving the programme forwards, added Andrew McLaughlin, RBS Group Director of Communications. They have been very supportive in finding ways to reduce costs over the remainder of our contract. This early announcement allows Sir Frank Williams and his team to plan ahead financially.
The RBS-Williams partnership began in 2005 and was renewed for a second three-year term in 2007.