Williams Team Principal James Vowles has confirmed it has received a Capital Expenditure exemption, after reaching an agreement between all 10 Formula 1 teams.
F1 teams held crucial talks midway through the season on the prospect of raising the CapEx, which would enable teams like Williams to make extra investment in new infrastructure.
Vowles conceded talks "largely went in circles" before a deadline was extended to October by the Financial Advisory Committee.
It has now managed to reach an agreement that enables a further increase in expenditure to catch up to the other teams, with Williams infrastructure at Grove having fallen massively behind rival squads in recent years.
"Good work with all the teams has meant that we've managed to unlock an exemption in our favour of $20 million or so," Vowles told media, including RacingNews365.
"There was agreement and good discussions have been taking place since February."
The exemption has been made to the four bottom teams in F1, consisting of Williams, Haas, Alfa Romeo and AlphaTauri, with the CapEx allowance increased from the statutory $45 million.
McLaren, Alpine and Aston Martin have been given a $13 million raise, whilst Red Bull, Mercedes and Ferrari have been afforded a $6 million.
Viewed by others:
Vowles: We have the CapEx to spend now
According to recent documents published by Companies House, Williams recorded significant growth with around £45 million revenue surge in 2022.
Much of the increase in their expenditure has been a result of the CapEx exemption, and aligns with the teams growth plans according to Vowles.
"Part of the reason why you're going to see a massive increase in our bill, is we have the CapEx to spend now," he explained.
"It's not perhaps the 100 [million] I was looking for, but a good step in the right direction."
"More importantly, the teams are starting to work together. Inherently we're there, we have an agreement on the table after six months.
"We will benefit more, which is in line to a certain extent with the facilities.
"The second part of it is that there's quite a large amount of change that we need to do within Williams, and we have been very clear and open about that part of CapEx.
"Part of it its growth of the organisation and change in the organisation, part of its growth of the site. So when you put that all together, you'll start seeing large large numbers appear on the table."