Their new title sponsor, Gulf International, is worth $4m in 2023, RacingNews365 reports.

Gulf International previously sponsored McLaren, who did very little to persuade them to stay, and will join Williams for the F1 2023 season.

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The teams at the front of the F1 grid are reportedly earning 10 times more from their title sponsors.

A major change at Williams is the exit from the F1 2023 driver line-up of Latifi, whose billionaire father enabled the team to earn a lot of sponsorship fees.

Michael Latifi, through his involvement at companies such as Sofina, earned Williams approximately £16m in sponsorship last season, the report claims.

Williams now have Alex Albon and American rookie Logan Sargeant as their drivers.

The new major sponsor, Stephens, is linked to Sargeant, the RacingNews365 report says. This means that Sargeant is effectively financing his own seat, like Latifi used to do.

Overall, despite a significant overhaul of their sponsors, Williams are making approximately the same sum of money at a time when rival teams are seeking to maximise revenue.

Williams will see their own future as bright, particularly under the leadership of James Vowles, their new team principal who has joined from Mercedes.

Their ability to recruit a top name from Toto Wolff’s team, one that worked closely with Lewis Hamilton, is a major coup.