F1 to face 'serious' cash crisis if 'cost-cutting' measures not introduced soon: Williams

Formula One team Williams has warned that the sport faces a serious cash crisis if it does not introduce serious cost-cutting measures.

Renault recently said they could face difficulties in maintaining their level of involvement because of problems caused by late payments made by F1 customer teams.

According to News.com.au, Williams' deputy team-principal Claire Williams said that some teams could be forced out of the sport if no action is taken, adding that the problems will affect the long-term sustainability of the sport and the teams who have been racing for a very long time.

Williams also said that the sport is at a very critical junction now and may cause itself some serious damage if no responsibility is taken soon.

Williams further said that her team is working hard to make sure that they keep pushing and driving the conversation and coming up with significant proposals that will save costs in F1.

She revealed that the paddock was divided on proposals for a costs 'cap' and had accepted that it was unlikely.