The Williams team won a $35 million lawsuit against former title sponsor ROKiT, which failed to pay for its multi-year sponsorship agreement with the British team.
ROKiT became the title sponsor of The Williams Team in 2019 and the cooperation between the two parties under the agreement will continue until the end of 2023. However, in May 2020, Williams Racing's partnership with ROKiT was abruptly terminated.
At the same time, due to the continuous deterioration of financial conditions, Williams Racing also officially launched the sale process. In August 2020, Williams officially announced that they were acquired by Dorilton Capital, a private investment firm in the United States.
However, under Williams' title sponsorship agreement with ROKiT, ROKiT would need to pay the team in installments ranging from £3.5 million to £5 million, but so far Williams Has not received the payment.
At a recent hearing in U.S. federal court, arbitrator Klaus Reichett rejected ROKiT's claim that ROKiT refused to pay sponsorship to The Williams Team because the Williams Team had not fulfilled its obligations under the agreement after January 1, 2020. According to the ruling, ROKiT needs to pay the Williams team in full, including around £26.2 million unpaid and a $1 million prize money.
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