Boost for Formula One team Williams after loan is secured

Beleaguered British outift given lifeline by company owned by the father of their Canadian driver Latifi

ON THE GRID FOR 2020 SEASON: Nicholas Latifi (CAN) - Williams. Car: 6; age: 24; starts: 0. The Canadian rookie is partnered with George Russell after Robert Kubica was dropped just one season into his comeback year. AFP

George Russell (GBR) - Williams. Car: 63; age: 22; starts: 21; wins: 0. Surely it cannot get any worse for Williams? Despite being able to boast 16 combined drivers' and team titles, the British team finished rooted to the foot of the championship last year after scoring just one point. Reuters

Kevin Magnussen (DEN) - Haas. Car: 20; age: 27; starts: 102; wins: 0. Having previously established themselves as solid midfield runners, the American team will be looking to bounce back from a disappointing 2019 campaign where they finished ninth. AFP

Romain Grosjean (FRA) - Haas. Car: 8; age: 33; starts: 164; wins: 0. Grosjean will be joined once more by Magnussen - their fourth year together as teammates. Reuters

Antonio Giovinazzi (ITA) - Alfa Romeo. Car: 99; age: 26; starts: 23; wins: 0. Italian Giovinazzi has been retained by Alfa Romeo for a second season. EPA

Kimi Raikkonen (FIN) - Alfa Romeo. Car: 7; age: 40; starts: 312; wins: 21; championships: 1 (2007). Former world champion Raikkonen will this year become the most-capped F1 driver. The veteran Finn is just 10 races shy of Rubens Barrichello's record of 322 starts. EPA

Lance Stroll (CAN) - Racing Point. Car: 18; age: 21; starts: 62; wins: 0. Canadian Stroll starts his second campaign at Racing Point. EPA

Sergio Perez (MEX) - Racing Point. Car: 11; age: 30; starts: 176; wins: 0. Following a rather underwhelming campaign, Racing Point proved to be one of the major talking points at testing after their new car resembled a carbon-copy of last year's title-winning Mercedes. Mexican driver Perez has been with the team since 2014. Reuters

Daniil Kvyat (RUS) - Alphatauri. Car: 26; age: 25; starts: 93; wins: 0. The Russian was retained for a second straight year of his yo-yo career. EPA

Pierre Gasly (FRA) - Alphatauri. Car: 10; age: 24; starts: 47; wins: 0. A new season and a new name for Red Bull's junior team with Toro Rosso re-branded as AlphaTauri for the forthcoming campaign. Gasly, dropped by Red Bull midway through last season, drives alongside Kvyat. EPA

Esteban Ocon (FRA) - Renault. Car: 31; age: 23; starts: 50; wins: 0. Ocon spent last season on the sidelines after losing his seat to Lance Stroll at Racing Point. Reuters

Daniel Ricciardo (AUS) - Renault. Car: 3; age: 30; starts: 171; wins: 7. Ricciardo is joined by Ocon as Renault bid to bounce back from a disappointing 2019. EPA

Lando Norris (GBR) - McLaren. Car: 4; age: 20; starts : 21; wins: 0. After an impressive rookie campaign, British driver Norris is set for his second season in F1. AFP

Carlos Sainz (ESP) - McLaren. Car: 55; age: 25; starts: 102; wins: 0. McLaren emerged from the doldrums last season with their best performance in years as they finished fourth in the constructors' table. Sainz also scored McLaren's first podium since 2012 when he was promoted to third in Brazil. EPA

Alexander Albon (THA) - Red Bull. Car: 23; age: 23; starts: 21; wins: 0. London-born Albon is set for just his second season in F1 and his first full campaign as a Red Bull driver after he was promoted from Toro Rosso following last year's summer break. EPA

Max Verstappen (NED) - Red Bull. Car: 33; age: 22; starts: 102; wins: 7. Verstappen was one of the stars of last year after he finished third in the championship behind Lewis Hamilton and Bottas. Verstappen, 22, could prove Hamilton's closest challenger if Red Bull can build on a package which fired the Dutchman to three victories last season. Reuters

Charles Leclerc (MON) - Ferrari. Car: 16; age: 22; starts: 42; wins: 2. Last year, Leclerc finished ahead of Vettel in the championship, scoring a greater number of pole positions and victories than his four-time world championship-winning teammate. Reuters

Sebastian Vettel (GER) - Ferrari. Car: 5; age: 32; starts: 240; wins: 53; championships: 4 (2010, 2011, 2012, 2013). Vettel and Leclerc will lock horns for a second season in what is the sport's fiercest team rivalry. Their combustible relationship spilled over in Brazil when they collided, forcing both drivers out of the race. Ferrari have not celebrated a drivers' champion since 2007, and after a mixed pre-season campaign, the Italian team fear they will start this year on the back foot. EPA

Valtteri Bottas (FIN) - Mercedes. Car: 77; age: 30; starts: 139; wins: 7. Bottas partners world champion Lewis Hamilton for a fourth straight season. Reuters

Lewis Hamilton (GBR) - Mercedes. Car: 44; age: 35; starts: 250; wins: 84; championships: 6 (2008, 2014, 2015, 2017, 2018, 2019). Mercedes have been the dominant team in Formula One since 2014, winning a record six consecutive drivers' and constructors' championships. Hamilton has been the driving force behind their success and the British driver will start the new campaign as the favourite to win his sixth world championship in seven years to equal Michael Schumacher's overall record. Reuters

The Williams Formula One team have secured a loan through a company owned by the father of their Canadian driver Nicholas Latifi as part of a financial restructuring arrangement.

The loan, which was finalised last week according to Companies House documents, was with the Michael Latifi-owned Latrus Racing Corp.

The Canadian businessman acquired a roughly 10 per cent stake in rivals McLaren in 2018 through his British Virgin Islands-based company Nidala Ltd in what was presented as a purely commercial deal.

Latifi junior is due to make his F1 race debut with Williams this year, with the season yet to start due to the coronavirus outbreak.

The privately-owned team, once dominant world champions who have faced a significant loss of revenue after finishing 10th for the past two seasons, sold their advanced engineering division in December.

Latifi's Sofina Foods is also a prominent sponsor of the British-based team.

The Latrus loan involves a mortgage on the team's facilities with the collection of heritage racing cars included as security. No financial details were given.

"Following the sale of WAE at the end of 2019 we began a refinancing process," deputy team principal Claire Williams, daughter of founder Frank, told motorsport.com.

"We have now concluded our refinancing with a consortium of lenders, all of which was negotiated on an arms-length commercial basis. The loan package provides us with the resources that we need moving forward."

Last week, Williams announced they had furloughed staff to the end of May as a result of the Covid-19 pandemic, with drivers also taking pay cuts.