Williams gears up for float but sponsors quit

The Williams Formula One team today began its roadshow in London today to drum up support for its flotation next month on the Frankfurt stock exchange.

However, while float plans are revving up, new data shows its sponsorship income has reversed as backers quit.

According to F1's industry monitor Formula Money, Williams has lost 43% - £21 million - of its sponsorship since the end of last season, the team's biggest fall in the past decade.

This year Williams has dropped German driver Nico Hulkenberg in favour of Venezuelan Pastor Maldonado who brings with him an estimated £9 million of backing from local businesses including oil company PDVSA.

It takes the team's sponsorship to £27 million, but with only five weeks before the start of the season Williams is running out of time to do more deals.

It has made total net losses of £5.9 million over the past five years, and in the 13 months to the end of 2009 pre-tax profits plunged 50% to £4.5 million.

However, Williams has said the flotation will not raise funds for the company and it is not issuing new shares.

Instead, the most of the floated shares will come from Patrick Head, 64, the team's co-founder and engineering director who currently owns a 27% stake and will be retiring in the next two years.