British team Williams last year recorded a second consecutive annual loss.

According to accounts filed on Tuesday by the jointly Frank Williams and Patrick Head owned team, Williams' combined loss in 2006 and 2007 was (US) $88 million.

The directors' report said Williams, currently eighth of the ten teams in the 2008 constructors' championship, has increased bank borrowings.

"The decision to increase net debt to support a return to competitive on-track performance was driven by a strong long-term business plan," it said.

Auditor Grant Thornton said "there is a reasonable expectation the company (Williams) has adequate resources to continue operating for the foreseeable future".

Williams, the winner of 113 grands prix between 1979 and 2004, made a profit of $60m in 2005.

It is the only current team not backed by a car manufacturer or a billionaire.

Source: GMM