Williams are to consider putting themselves up for sale in order to ensure the future of a team that is still one of the most successful in F1 and has been fiercely independent in the hands of Sir Frank Williams since 1977.
The team made losses of £13m last year and, under increasing financial pressure because of coronavirus, are to open negotiations regarding a partial or complete sale. The team are to take a “new strategic direction” and will be assessing businesses interested in investment or a takeover. They are already in discussions with a small number of potential investors.
Claire Williams, Williams’s daughter and the deputy team principal, was adamant last year that the team were not for sale but said the U-turn was a considered move in the best interests of the company. “I think it’s the right and prudent thing to do,” she said. “Williams, as a family, have always put our Formula One team first. I feel very much that seeking inward investment at this juncture is absolutely in line with that philosophy, to protect the people that work for us.”
The F1 team remain the second most successful constructor with nine championships to Ferrari’s 16. All were achieved during the team’s heyday in the 1980s and 90s when they also won seven drivers’ titles. Performances in recent years have left Williams floundering. Their last title drivers’ and constructors’ title was in 1997 and the last grand prix win in 2012.
Mercedes’ parent company, Daimler, has rejected reports that the manufacturer could pull out of F1.
Renault have also committed to staying in F1, despite their decision to cut 15,000 jobs as part of an attempt to save €2bn over three years.
