Williams say budgets for next two years in place

Former champions Williams have their budgets for 2009 and 2010 in place after renewing a string of sponsorship deals in recent months, the Formula One team said on Monday.

"These are basic budgets to get the job done. There is no fat in this system," chief executive Adam Parr told Reuters by telephone after the team's new FW31 car made its track debut at the Algarve Motor Park circuit.

"We have got some good solid sponsorship contracts in place for 2010 which together with FOM (Formula One Management) revenues give us decent working budgets for the next two years," said Parr.

"We have a no-frills budget for 2010."