Williams Formula 1 has announced that it has terminated its relationship with title partner ROKiT effective immediately.
Williams recruited ROKiT as title partner for the 2019 season to replace Martini.
The parties reached a new multi-year deal last season but on Friday Williams confirmed that it will be terminating the deal.
No reason was immediately given for the separation, which was announced as part of the Formula 1 team and wider company publishing its 2019 financial results.
The team has already updated its social media pictures to remove references to the drinks and phone company.
Williams’ Formula 1 revenue plunged from £130.7m in 2018 to £95.4m in 2019, while its EBITDA was -£10.1m, down from £16m.
Williams has finished at the foot of the 10-team Constructors’ Championship for the last two years.
“The financial results for 2019 reflect the recent decline in competitiveness of the F1 operation and the consequent reduction in commercial rights income” said Mike O’Driscoll, Chief Executive Officer.
“After four years of very solid performance in the Constructors’ Championship during which we claimed two third and two fifth place finishes, we endured a couple of very difficult seasons.
“We have implemented a significant restructuring over the last nine months and have strengthened the technical leadership team.”
“The 2020 Formula 1 season has, of course, been disrupted due to the COVID-19 pandemic, and this will have an impact on our commercial rights income this year.
“The Team have also served notice to terminate its relationship with its title partner, ROKiT, and major sponsor, ROK Drinks.
“In common with many other businesses, we have taken extensive action to mitigate, including a prolonged furlough period for much of our staff.
“As this awful global crisis recedes, everyone at Williams Racing is looking forward to the start of the new season.”
O’Driscoll is optimistic that Williams’ long-term prospects will be boosted by the impending budget cap, now set at $145m for the 2021 season.
“There has been an enormous gap in earnings and expenditure between the three largest teams and the rest of the grid for a number of years,” he added.
“But we are confident that Liberty Media’s long-term vision and plans, including a first-ever cost-cap for the sport, will deliver a more level playing field for 2021 and beyond, on which all teams can compete more fairly.”
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