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F1: Williams consider selling team after loss
Updated On: 30 May, 2020 01:19 PM IST | London | AFP
After posting a 12.9 million pound profit in 2018, Williams have responded to the blow by seeking new investment.
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Williams revealed on Friday that they are considering selling the Formula One team after a multi-million pound drop in the company's financial results. The William Grand Prix Holdings group reported an adjusted loss of 13 million pound (USD 15.9 million) for the year ending 2019. After posting a 12.9 million pound profit in 2018, Williams have responded to the blow by seeking new investment. A minority or majority stake will be offered to investors, along with the option for 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 One team in the best possible position for the future," a Williams statement said. "As part of this new strategic direction, the WGPH board is undertaking a review of all the various strategic options available to the company."
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