Williams F1 reveals it is for sale

Claire Williams faced with having to sell the F1 team her father built

(GMM) 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 will 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 advisers have been appointed to oversee the 'formal sale process', revealing: "Parties with a potential interest in Williams should contact (financial advisers) 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."