Williams will begin the climb back into the black in 2009 and 2010, management of the Oxfordshire based team claim.

Williams will begin the climb back into the black in 2009 and 2010, management of the Oxfordshire based team claim.

It emerged last year that the independent British team had recorded a second consecutive multi-million loss while increasing bank borrowings and eating into dwindling savings.

Chief executive Adam Parr told reporters at a team media event at Grove on Thursday that Williams was indeed living "beyond its means".

But despite now preparing to lose its lucrative RBS backing, and readying to unveil the FW31 livery without previous sponsors Lenovo, Baugur and Petrobras, Parr insisted that recent cost cuts in the sport are allowing Williams to get back on track.

"In the last two or three years we were spending beyond our means.

"That was the right thing to do because if we hadn't done that then we wouldn't have been able to stay in the game," he is quoted as saying by the Daily Telegraph.

"Now, when I look at the budget for last year, this year and next year, that is not the situation. We are operating within our means.

"We will be paying off debt this year and paying off debt next year," Parr added.

 

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