Williams are set to lose yet another sponsor at the end of the current season which will come as a massive blow to the British team.
Their financial future was dealt a blow in 2009 when one of their largest sponsors, Royal Bank of Scotland (RBS), announced it would cease sponsorship at the end of 2010.
Now Philips, the Dutch electronics giant, have announced they will follow RBS out of F1 when the 2010 season draws to a close.
Philips global sponsorship manager, Patrick Overwijk, told Formule.nl that he and Philips are pleased with the partnership, but the decision to ‘pursue different avenues of sponsorship’ has been taken.
“We are pleased with our partnership with Williams,” said Overwijk. “The reason we will cease sponsorship has nothing to do with Williams.
“Philips has for now decided to withdraw from Formula 1 to pursue a different avenue of sponsorship.”
The company has been with the team for the past five-years and, in conjunction with the loss of RBS and the rumoured loss of AirAsia too, the Williams outfit will be in dire need of new sponsors to fill the gap.
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