Share

Williams F1 team reveals it is for sale

accreditation
Image: Williams / Twitter
Image: Williams / Twitter

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 would 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."

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE