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Sport Williams set to sell Formula One team

04:22  30 may  2020
04:22  30 may  2020 Source:   smh.com.au

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Williams is considering a sale of its once-dominant but now struggling Formula One team as part of a new strategic direction, Williams Grand Prix Holdings announced on Friday. The company published annual results showing Formula One revenue slid to 95.4 million pounds (6.7 million) in 2019

Williams are considering selling their Formula 1 team due to growing financial pressures. This morning the company announced the start of a Meanwhile Renault has reaffirmed its commitment to Formula One despite announcing that almost 15-thousand jobs will be shed at the company.

Unveiling of the new livery FW42 with drivers George Russell (left) and Robert Kubica, with chairman of Rok Jonathan Kendrick, and Williams Formula One deputy team principal Claire Williams (second right) during the Williams 2019 livery launch at Williams Conference Centre, Grove. (Photo by Adam Davy/PA Images via Getty Images) © PA Wire/PA Images Unveiling of the new livery FW42 with drivers George Russell (left) and Robert Kubica, with chairman of Rok Jonathan Kendrick, and Williams Formula One deputy team principal Claire Williams (second right) during the Williams 2019 livery launch at Williams Conference Centre, Grove. (Photo by Adam Davy/PA Images via Getty Images) Williams is considering a sale of its once-dominant but now struggling Formula One team as part of a new strategic direction, Williams Grand Prix Holdings announced on Friday.

The company published annual results showing Formula One revenue slid to 95.4 million pounds ($176.7 million) in 2019, down from 130.7 million pounds ($242.1 million) the previous year.

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Williams say they are considering selling a minority or majority stake in the iconic British Formula 1 team as they pursue a “new strategic direction” to ensure they are “well positioned to take advantage of Formula 1 ’s new era which will begin in 2021”. Williams have finished 10th in the constructors’

The owner of the Williams Formula 1 team has confirmed a plan to sell all or part of the company in efforts to raise fresh capital. Now widely reported, the decision would mean founder Sir Frank Williams relinquishing majority ownership of the once-dominant team after 43 years at the helm.

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

"The WGPH board is undertaking a review of all the various strategic options available to the company," it said.

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Williams is one of the world’s leading Formula 1 teams . It exists purely to race in the top echelon of Working with customers, the teams at Williams Advanced Engineering set targets to define the Williams has since won 16 FIA Formula One World Championship titles, nine for constructors and

In this today’s F1 news: Williams are up for sale and could sell off their Formula One team , Renault are set to lay off a huge number of staff…but they are

"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.

"Whilst no decisions have been made regarding the optimal outcome yet, to facilitate discussions with interested parties, the company announces the commencement of a 'formal sale process.'"

The 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.

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

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© Motorsport Images Michael Schumacher, Willi Weber, Ralf Schumacher & Eddie Jordan in Estoril '96 Ralf Schumacher changed from Jordan to Williams at the end of 1998, where BMW joined as a motor partner a year later. What many do not know: "Schumi II" had to be bought out of his Jordan contract at the time - with the generous financial support of his older brother Michael. Eddie Jordan has now revealed this in an interview.

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