By Jonathan Davies

The boss of Formula 1 team, Williams, has warned that the sport needs to think more broadly when it comes to finance.

Mike O'Driscoll, chief executive of Williams Group, said teams are open to the "vagaries of motor racing" if teams rely on just the revenue from the sport.

Mr O'Driscoll pointed towards Williams' own efforts to stabilise the team's long-term financial future. The company has branched out to take its expertise in Formula 1 engineering and commercialise it through Williams Advanced Engineering.

"We decided that what we needed to do was build a stronger, more robust organisation," he told the BBC, referring to the financial struggles the team experienced during the economic downturn.

With rising costs and debts, and a lack of investment, it looked as though their may not have been a future for Williams.

Towards the end of the last Formula 1 season, Caterham and Marussia both ceased trading due to a lack of funding. However, Marussia has since come out of administration and received approval to race at the opening Grand Prix of the new Formula 1 season in Australia on Sunday.

"Formula 1 teams need to think very broadly about how to finance the business, and relying purely on sponsorship and Formula 1 income certainly exposes you to the vagaries of motor racing to a much greater extent than a company that has another source of income," Mr O'Driscoll said.