Williams is considering the possibility of selling its once-dominant but now struggling Formula 1 team as part of a new strategic direction, Williams Grand Prix Holdings (WGPH) said on Friday.
The company published annual results showing F1 revenue slid to 95.4 million pounds ($117.6 million) in 2019, down from 130.7 million pounds the previous year.
“The WGPH board is undertaking a review of all the various strategic options available to the company,” it said.
“Options being considered include, but are not limited to, raising new capital for the business, a divestment of a minority stake in WGPH or a divestment of a majority stake in WGPH including a potential sale of the whole company.”
At the same time, the statement insists that “Williams currently remains funded and ready to resume racing when the calendar allows in 2020.
“The WGPH board believes that the strategic review and formal sale process is the right and prudent thing to do in order to take time to consider a full range of options and put the Formula 1 team in the best possible position for the future.”
Additionally the team has parted ways with title sponsor Rokit, ending a partnership that began at the start of the 2019 F1 season.