LONDON — Williams mentioned on Friday it was contemplating offering its once-dominant but now struggling System One particular team as portion of a strategic review.
Williams Grand Prix Holdings (WGPH) revealed final results for 2019 displaying System One particular earnings slid to ninety five.4 million pounds ($117.6 million) in 2019, down from a hundred thirty.7 million pounds the earlier year.
“The WGPH board is undertaking a review of all the various strategic selections accessible to the enterprise,” it mentioned.
“Solutions currently being considered include things like, but are not limited to, boosting new capital for the organization, a divestment of a minority stake in WGPH or a divestment of a greater part stake in WGPH like a potential sale of the complete enterprise.”
The board has appointed Allen&Co and Lazard as joint fiscal advisers to aid with the strategic review and formal sale system.
“The Business is not in receipt of any ways at the time of this announcement and confirms that it is in preliminary discussions with a smaller number of get-togethers pertaining to a potential financial commitment in the Business,” it mentioned.
The former champions, who past gained a championship in 1997 with Canadian Jacques Villeneuve, have not gained a race considering that 2012.
They concluded past in 2019 with just 1 point scored by now-departed Polish driver Robert Kubica, and were being also 10th overall in 2018.
The team’s finances have suffered as a final result of very poor track effectiveness, with the COVID-19 pandemic bringing a lot more suffering and established to even further impact business rights revenue in 2020.
Williams also declared on Friday that it experienced served discover to terminate its connection with title husband or wife ROKiT and important sponsor ROK Beverages.
The team, who have furloughed employees, mentioned they remained funded and would be prepared to resume racing when problems permitted. System One particular is organizing to start the season in Austria in July.
“The WGPH board believes that the strategic review and formal sale system is the suitable and prudent point to do in get to choose time to take into consideration a full selection of selections and place the System One particular team in the very best possible situation for the future,” Williams mentioned.
System One particular is owing to put into practice a $one hundred forty five million price range cap from up coming year.
Williams have gained nine constructors’ titles and 7 drivers’ championships and are 1 of the most successful groups, historically, in the activity.