Williams annouces it may be sold
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 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."
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Selling would be a terrible shame of a legendary team
This makes me sad and melancholy. What have we done to our sport?
"we" didn't do anything Paddy Lowe is to blame he is the reason for the demise
Its crazy to see that Williams is in this stage and we have been seeing McLaren desperatly trying to reduce costs and talking more and more about Indycar. What has F1 done?
Dont get me wrong, but I think Mercedes and Renault will quit before 2022. Same for Haas and Alpha Tauri (red bull is already cutting money from dozen of other sports). Now Williams at risk too... This is so sad. Fcuk you F1 with your halo, drs and crazy budgets.
Williams is the last true in Formula One. This makes me so sad....
Mercedes has ruined it all.
The sport sold its soul to an over-powerful car manufacturer.
The irony is thar Mercedes will itself be gone before long.
I don't what Williams to go I like William's f1 team they start to get good then they went down hill but they can get back up again we have to keep thinking positive
It is very sad to see Williams in this position but being a true Racing Team this is the problem in the high cost times when the backers desert a team for whatever reason. In the past a formula 1 team could be started with what to-day is just loose change. This is all the problem with the whole thing becoming a very competitive business with costs shooting up and up and up to the extent that "private entrants" can no longer get a toe in the game.
I wish you well all at Williams this is very sad. I started being a f1 FAN when Damon Hill started to drive. and became the 1996 World Champion. good luck.
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