Williams consider selling F1 team after £13m loss in 2019

For sale? Williams could sell F1 team after reporting £13m loss
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Tom Dutton29 May 2020

Williams has announced they could sell their Formula 1 team after the board announced a £13million loss in 2019.

The William Grand Prix Holdings group are seeking new investment after the disappointing financial results, which compare to profits of £12.9m in 2018.

Offering a minority or majority stake will be considered, but so too will an outright buy-out.

"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," said a statement.

"As part of this new strategic direction, the WGPH board is undertaking a review of all the various strategic options available to the company.

"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."

The Grove-based team says it is yet to receive any formal approaches but has confirmed "preliminary discussions" with possible investors. It also stated that despite the change of approach the company has both the funds and the intent to reclaim its place on the grid as and when racing returns.

The statement continued: "Any interested party participating in the formal sale process will be required to enter into a non-disclosure agreement with WGPH on terms satisfactory to the WGPH board.

"The company then intends to provide such interested parties with certain information on the business, following which interested parties will be invited to submit their proposals. 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. There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.

"While the Company has faced a number of challenges, Williams currently remains funded and ready to resume racing when the calendar allows in 2020."

Additional reporting by PA

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