Williams in no rush for new title sponsor says Parr 13 March, 2012 Adam Parr keen to extend season to raise revenues Mar.13 (GMM) Williams F1 Team will not rush into signing a new title sponsor admits chairman Adam Parr. The British team performed woefully in 2011 and lost its naming backer ATT, yet recently revealed improved turnover and profits. And Parr told Reuters the that the Grove based team has more than $45 million in the bank. “I am very satisfied with what we have done overall with the business,” he said. “We don’t have a title sponsor at the moment and obviously that’s an important initiative for us. But it’s something that you have to get right because your title sponsor is the most visible of your partners,” Parr explained. “In many ways, it sets the character of the team. You want a title partner who is very active in the way they promote and activate the partnership. “This is not something we are going to rush into, this is something we want to get right.” For the moment, Williams’ main source of income appears to be the controversial deal with Venezuela’s state-owned oil company PDVSA, including Pastor Maldonado as driver. “PDVSA is an important partner of the team in financial and other respects but it is by no means the only one,” insisted Parr. Subbed by AJN. Reports on GrandPrix247.com by: staff & contributors, Reuters syndication, GMM service, Formula 1 teams, sponsors & organisations.