This was bolstered when US investment firm Dorilton Capital bought the team last year, promising to return Williams to the front of the grid.
However, investments in developing the 2022 car and getting staff in appear to have come too late, with technical director Francois-Xavier Demaison only recently joining the team.
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Capito said: “We are expecting and working towards a significant step, but to say that there is a chance to win the championship in next year that's a completely different dimension.
“The new regulations give a chance, but the new owners came in towards the end of last year and there is a lot of investment needed.
“You have to make this investment work, to make that all that work for the ‘22 car is already quite late.”
Williams will be hoping that their future potential will be enough to retain the highly-rated Russell, but given his ties to Mercedes, his future may not be in his or Williams’ control.