F1 team's major financial impact revealed after Williams SHOCK driver signing

James Vowles, money, socials — Photo: © IMAGO

F1 Driver Transfers

Major financial impact revealed after F1 team's SHOCK driver signing

Williams recently replaced Logan Sargeant with Franco Colapinto

Simmey Hannifin Donaldson Chief Editor

Friday 30 August 2024 19:29

Williams Racing team principal James Vowles has revealed major financial implications for the team have arisen as a result of their recent shock driver signing.

Logan Sargeant - who had already been replaced for 2025 - lost his seat with the team ahead of the Italian Grand Prix this weekend after a huge shunt at Zandvoort last time out, most likely costing the team millions.

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During free practice at the Dutch Grand Prix, Sargeant dipped a tyre on the wet grass, accelerating and sending his car spinning out of control and into the barrier at speed.

His car suffered huge damage as a result and quickly burst into flames- an agonising development for Williams given they had worked so hard to bring a full upgrade package to the event.

Logan Sargeant had a huge crash at the Dutch Grand Prix

Franco Colapinto was chosen to replace Logan Sargeant

Financial implications for Williams

Williams announced that Sargeant would be replaced for the remainder of the 2024 season by F2 and Williams junior driver Franco Colapinto.

It seems that hiring the Argentinian is set to have a positive effect in terms of finances, too. Whilst Vowles confirmed that Colapinto himself brings no money to the table, he did confess that the phone had not stopped ringing with Argentinian sponsors getting in touch.

"He brings no money with him," Vowles explained to Sky F1.

"What's been exceptional is that from the moment effectively we informed him and his management of the decision...the phone hasn’t stopped ringing yet of Argentinian companies coming on board as a result of it," Vowles revealed.

“What you’re going to see appearing on the car are stickers that are paying the right value and the right rate for it, so in other words, it’s not money because of Franco, they want to be exposed on the car and be proud of the fact that we’re running an Argentinian driver.

“But he, himself, if you know him enough, you’ll know throughout his career he’s been on a shoestring budget without any money, he hasn’t got anything to his name.”

Just hours after Vowles' comments, Williams announced a new partnership with Latin American e-commerce and digital payments giant Mercado Libre, with the brand set to sponsor the team from the Azerbaijan Grand Prix onwards.

Williams Racing today announces a new partnership with Latin American e-commerce and digital payments giant Mercado Libre.

Its iconic handshake logo will feature on the FW46 from next month’s Azerbaijan Grand Prix.
— Williams Racing (@WilliamsRacing) August 30, 2024