9 Dec 2008

Williams insists they will remain in Formula One

5:59 pm on 9 December 2008

The Williams team have insisted that they will remain in Formula One despite the global financial crisis that led to Honda's withdrawal last week.

Williams, the largest of the sport's independent teams, says they're close to securing a full budget for 2009.

Williams last won a race in 2004 and are one of the few teams in F1 not either owned or part-owned by a road-car manufacturer.

They use customer engines, which they buy from Toyota.

Since Honda's announcement, motorsport boss Max Mosley warned that cost-cutting was vital to avoid losing other teams.

Over the last few days five of Formula One's top teams - BMW Sauber, Ferrari, McLaren-Mercedes, Renault and Toyota - have all emphasised their desire to reduce costs and continue in the sport.

There has also been speculation about Williams's future because of the difficulty of finding funding in the current global financial crisis but the team maintains it's in better shape this year than has been for the past two.