Williams Clarifies Franco Colapinto's $500,000 Per Race Fee - 'Finance Being Offered From Other Sources'

Saajan Jogia | Aug 30, 2024

James Vowles - Williams Racing / Williams Racing Press Image

Williams team principal James Vowles has cleared up rumors about Franco Colapinto's team paying $500,000 per race for him to race in the premier class this season, clarifying that no such incentive exists from the junior driver's side. However, he did reveal that he was receiving finance offers from other Argentinian sources, who intend to have their branding on the FW46 F1 car.

After Logan Sargeant was dropped for failing to score any points and repeatedly damaging the FW46 in multiple crashes, the Grove outfit faced the difficult task of finding a capable replacement for the remaining nine races of the season, someone who could deliver a stronger performance than the departing driver.

Mercedes team principal Toto Wolff put forward a strong case for Mick Schumacher, who previously raced for Haas during the 2021 and 2022 seasons, to take on the temporary role. Meanwhile, Red Bull’s Christian Horner expressed a willingness to offer their reserve driver, Liam Lawson, but with specific conditions attached to the deal.

Given Williams' preference for promising young talent over experienced drivers, Vowles opted for a call with Colapinto considering his association with the Williams Academy. The Argentine driver is currently placed sixth in the Drivers' Standings in Formula 2, over Mercedes and Ferrari junior drivers Andrea Kimi Antonelli and Oliver Bearman.

After the hiring announcement, Vowles was quick to dismiss rumors that Franco Colapinto was paying Williams $500,000 per race to secure his spot in Formula 1, clarifying that Colapinto's inclusion had nothing to do with financial backing from sponsors.

Instead, Vowles emphasized that sponsors from his native Argentina have been trying to have their branding on the team's F1 car, even for the period beyond 2024 when Colapinto's temporary seat will be taken over by Carlos Sainz in 2025. Clearing the air, the Williams team boss told the media:

“What I’ll make very clear to everyone here is no sponsorship was linked to signing him.

“Actually, we signed him at the point of not knowing anything in future. What then transpired, and it hasn’t finished yet, the phone is still ringing off the hook, is a number of Argentine companies, of which there are many, are calling, and they’re paying market rate for stickers on the car fundamentally.

“So it’s nothing related to Franco, they want to be part of the journey and part of the journey beyond 2024, just to be clear as well, or I hope many will, we’ll see where we end up."

Vowles added that he is expecting to finalize deals in a few weeks considering the "huge" interest from Argentina. He said:

“But you’ll see stickers appearing on the car around Baku time. I’m not sure how many at the moment, because genuinely, we are getting huge amounts of interest from Argentina.

“But at the point of choosing Franco, there was no finance involved in that.

“And to be really blunt on it as well, there was finance being offered on the table from other sources. That’s not of interest. This is about investing in our academy and in our future.”