Williams in talks with investor

UPDATE In a story broke here over a month ago, the WilliamsF1 team looks set to announce a major new deal that will see a portion of the team sold to Icelandic investment company, Baugur, which has had dealings with the squad for a number of years through its Hamleys toy-shop brand.

Although details are currently sketchy and have not been officially confirmed, rumors have been circulating at the Autosport International Show and it is thought an announcement could be made very soon and grandprix.com reported on Monday that a deal could be announced soon.

12/05/07 (GMM) Williams is in talks with a potential investor, according to a report on Wednesday.

The German specialist publication Auto Motor und Sport claims that Baugur Group, an Icelandic investment company, wants to buy a share of the Grove based team.

It is suggested that Baugur, which owns the Williams sponsor Hamleys, a London based toy shop, originally intended to enter formula one with Prodrive in 2008 as the fledgling team's title sponsor.

Williams is currently owned by Sir Frank Williams (70pc) and Patrick Head (30pc), and the pair have historically insisted that they are not interested in selling up.

For example, when in financial strife a few years ago, the team's founders pledged some of their own money — Williams by selling a $43m private jet, and Head a $4.5m helicopter.