Williams F1 team reveals it is for sale

Image: Williams / Twitter
Image: Williams / Twitter

Backmarker Formula, 1 team Williams, has admitted it may be sold.

On Friday, the former world champions admitted that after slumping to dead last in 2019, a $16 million profit has now become a similar-sized loss.

And that was before the corona crisis struck.

In a statement of its disappointing annual results, Williams CEO Mike O'Driscoll also confirmed that current title sponsor Rokit would depart.

The company sold its Williams Advanced Engineering arm at the end of last year and now admits that the entire team could be next.

"Options being considered include raising new capital for the business, a divestment of a minority stake, or a divestment of a majority stake including a potential sale of the whole company," Friday's statement reads.

Williams said financial advisors have been appointed to oversee the 'formal sale process', revealing: "Parties with a potential interest in Williams should contact (financial advisors) Allen and Co or Lazard".

"The company is not in receipt of any approaches at the time of this announcement and confirms that it is in preliminary discussions with a small number of parties regarding a potential investment in the company," said Williams.

"While the company has faced a number of challenges, Williams currently remains funded and ready to resume racing when the calendar allows in 2020."

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Lockdown For
Brought to you by
Voting Booth
Which of these factors are prohibiting you from buying an electric vehicle as your next car?
Please select an option Oops! Something went wrong, please try again later.
Prices should be more affordable
16% - 242 votes
Our unreliable electricity source
9% - 138 votes
There's not enough charging infrastructure
10% - 158 votes
All of the above
64% - 968 votes