Williams Considers Selling F1 Team After 13m Loss
Zeeshan Mehtab 1 month ago Fri 29th May 2020 | 02:37 PM
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
London, (APP - UrduPoint / Pakistan Point News - 29th May, 2020 ) :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.
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." The British-based team are yet to receive any formal approaches but confirmed "preliminary discussions" have taken place with possible investors.
"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.