Williams sees 'exciting future' with F1 income equality plan

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It's probably still a long road before income equality - or rather fairness - prevails in F1, but Claire Williams likes what she is hearing from F1's new owners.

As Liberty Media settles into its governance of Grand Prix racing, the issue of distribution of income among teams is sure to be at the forefront of its priorities and discussions.

With the current Concorde Agreement controlling provisions between teams and the commercial rights holder until 2021, fundamental changes appear unlikely before then.

But on the basis of the sport's new owners intent on tackling the issue, Claire Williams sees an 'exciting future' for her team.

"Liberty have talked about trying to bring distribution of income to a much more equitable level in order to make sure we have a sport that thrives and is sustainable into the future," said Gove-based outfit's deputy team principal when speaking at the SPOBIS summit in Germany.

"Williams is an independent team and our budgets are around the mid-point among other teams in our sport.

"For us in the middle, it gives us quite an exciting future because if they do bring about a more equitable distribution of income, obviously we will benefit from that."

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The introduction of a budget-cap, a concept recently mentioned by McLaren executive Zak Brown and a notion which pops up on a regular basis in discussions related to costs, also appeals to Claire Williams, for obvious reasons.

Williams operates on a budget of approximately £105million, while Ferrari, the team which spends most lavishly in F1, enjoys a budget of around £330million!

"We are a team that is able to thrive at that mid-range whereas bigger teams might have to compress what they do," Williams explained.

"Maybe make people redundant if they put a cap on the number of employees or put a cap on spending through budget caps.

"So we’re looking forward to getting round the table and having those competitions."

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.