Williams set to sell Formula One team following financial losses

Williams are considering selling their Formula 1 team due to growing financial pressures.

This morning the company announced the start of a "formal sales process", but insisted they haven't made a final decision.

Williams' financial results for last year saw them post a loss of 13 million pounds - which they say was driven by poor on track performances.

"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 1 team in the best possible position for the future," Williams announced in a statement.

"As part of this new strategic direction, the WGPH board is undertaking a review of all the various strategic options available to the company.

"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.

"There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.

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

Meanwhile Renault has reaffirmed its commitment to Formula One despite announcing that almost 15-thousand jobs will be shed at the company.

The cuts are part of a cost-saving package over the next three years. However, the measures will not include a withdrawal from motor sport.