Williams considers potential sale of F1 team

This Friday, Williams Grand Prix Holdings not only detailed results down by 13 million pounds (14,44 million euros) for the 2019 campaign compared to 2018, without taking into account the difficulties to come with the crisis linked to the coronavirus pandemic, and which paused the activity of the F1.

The British entity also indicated that it is working for the future, studying all options, including that of a potential sale.

“As part of this new strategic direction, the Board of Directors of Williams Grand Prix Holdings is undertaking a review of different strategic options available to the Company, states the press release.

Options being considered include, but are not limited to, raising new capital for the company, divesting a minority stake or a majority stake, including a potential sale of the entire Company.

Although no decision has yet been made regarding the optimal outcome, in order to facilitate discussions with interested parties, the Company announces the start of a "formal sales process." As a result of this announcement, the company is now considered to be in an “offering period.” »

A wide panel which follows a delicate period on a sporting level for the historic team, stuck in the last places in the ranking in 2019, after a failed start, with a car late for winter tests, and significantly less efficient compared to the competition, de facto generating less income from the redistribution of rights.

“There has been a huge gap in income and expenditure between the three biggest teams and the rest of the grid for a number of years, recalls Mike O'Driscoll, managing director of Williams.

But we are confident that Liberty Media's long-term vision and plans, including the first-ever budget cap for sports, will provide a more level playing field for 2021 and beyond, with which all teams can compete more fairly. »

Williams also announced the end of its partnership, effective immediately, with its title sponsor Rokit. Despite everything, the Grove training specifies that the stable “currently remains funded and ready to resume racing when the schedule allows in 2020.

The WGPH Board believes that the strategic review and formal sales process is the right and prudent thing to do, taking time to consider a full range of options and put the Formula 1 team into the best possible position for the future. »

Team director Claire Williams subsequently held a press conference in which she discussed the decisions taken to ensure a future for the structure.

“There was not just one element that influenced this choice, she said. We have done what is necessary over the last few months to ensure we position Williams in the best possible position financially and competitively and this is another step in that process. All options are possible, from an investment in a minority share to the complete sale of the company. We are only at the beginning of this process. »

Despite the crisis context linked to the coronavirus, Claire Williams wants to be confident in the success of the project by highlighting in particular cost reduction imposed on F1 teams from 2021.

“We want to complete this process within 3 or 4 months, she said. We like to do things quickly in F1 and we believe we will achieve that in this period of time. We remain committed for the rest of the year and we plan to resume competition when we can return to the circuits. We think now is a good time to look for investments. »

The director of the Williams team also indicated that no jobs had been cut within the company and that the company had already started discussions with several potential investors.