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Williams Grand Prix Holdings (WGPH) published
results for 2019 showing Formula One revenue slid to 95.4
million pounds ($117.6 million) in 2019, down from 130.7 million
pounds the previous year.
"The WGPH board is undertaking a review of all the various
strategic options available to the company," it said.
"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 board has appointed Allen&Co and Lazard as joint financial
advisers to assist with the strategic review and formal sale
process.
"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," it said.
The former champions, who last won a championship in 1997 with
Canadian Jacques Villeneuve, have not won a race since 2012.
They finished last in 2019 with just one point scored by
now-departed Polish driver Robert Kubica, and were also 10th
overall in 2018.
The team's finances have suffered as a result of poor track
performance, with the COVID-19 pandemic bringing more pain and
set to further impact commercial rights income in 2020.
Williams also announced on Friday that it had served notice to
terminate its relationship with title partner ROKiT and major
sponsor ROK Drinks.
The team, who have furloughed employees, said they remained
funded and would be ready to resume racing when conditions
allowed. Formula One is planning to start the season in Austria
in July.
"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,"
Williams said.
Formula One is due to implement a $145 million budget cap from
next year.
Williams have won nine constructors' titles and seven drivers'
championships and are one of the most successful teams,
historically, in the sport.
(Reporting by Alan Baldwin; Editing by David Goodman and
Christian Radnedge)
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