Williams considers full sale of struggling Formula 1 team

OXFORD, England (AP) — Williams is considering selling its Formula One team.

The Williams Grand Prix Holdings group said Friday it is looking at a range of options as part of a “new strategic direction,” including selling a minority or majority stake and even “a potential sale of the whole company.”

The group is in preliminary discussions with “a small number of parties regarding a potential investment in the company,” it said.

Williams is a storied team in F1. Founded by Frank Williams in 1966, it is the third most successful team in the sport with nine constructors’ titles and seven drivers’ titles.

Williams has struggled in recent years, finishing in last place in the constructors’ standings in 2018 and ’19.

The group posted a loss of 13 million pounds ($16 million) for the year ending in 2019, according to its latest financial results released Friday. The group made a profit of 12.9 million pounds ($15.9 million) in 2018.

F1 is facing tough times financially because of the coronavirus outbreak. The 2020 season has yet to start.