Williams has opted to extend their engine deal with Mercedes thereby resigning with the championship leaders through to the end of 2025.
The team first partnered with Mercedes in 2014, which is the year Formula 1 changed to 1.6 liter, V6 turbocharged hybrid power units.
The previous agreement with the champions ran up to 2020. Formula 1 is set to undergo significant regulation changes for 2021 designed to improve on the racing and allow the smaller teams to enjoy more competitiveness.
The extended deal will mean the Grove team would maintain the Mercedes engine, though they will continue producing their transmission units.
The team was third during the 2014 championship when they first agreed to the deal; however, they have since fallen off the pace.
Their troubles, though they are not related to the use of Mercedes’ engine as it remains one of the best in the sport.
Deputy team chief, Claire Williams says they enjoyed a great partnership with Mercedes over the previous six years of what was at first a seven-year agreement.
They see no reason to discontinue that partnership for another five years.
Mercedes team boss, Toto Wolff also termed Williams as one of the iconic brands in Formula 1 and Mercedes was proud to count them as part of their family.
He also added they had been through a few hard times recently, but that has only served to illustrate how resilient they were as a team.
It showed their strength of character because Williams is determined to get back to the top of the grid.
This is not to say the drop from glory has not affected Williams.
The poor on-track performance from a team which dominated large parts of both the 80s and the 90s has hit the team financially.
For example, the team posted a loss of 16.8 million euros for the first six months of the year. It was attributed to the reduced prize money and the loss of the sponsorship income from their lackluster performance.
Chief executive, Mike O’Driscoll stated even though they are facing issues in a dynamic environment. However, they still believe the majority of effects on net income have already been recorded within the results.
When it comes to the driver’s, Williams still expresses confidence in the Rookie driver, George Russell to continue for the next season.
The fate of Robert Kubica and reserve driver, Nicolas Latifi is still in contention.