https://cna-sg-res.cloudinary.com/image/upload/q_auto,f_auto/image/12783746/16x9/991/557/794ff1b832f3d48ec8f77469b0dd5bb0/FI/f1---pre-season-testing-1.jpg
FILE PHOTO: Formula One F1 - Pre Season Testing - Circuit de Barcelona-Catalunya, Barcelona, Spain - March 1, 2019 Williams' Robert Kubica in action during testing REUTERS/Albert Gea

Williams considers sale of struggling F1 team

Williams is considering a sale of its once-dominant but now struggling Formula One team as part of a new strategic direction, Williams Grand Prix Holdings (WGPH) said on Friday.

LONDON: Williams is considering a sale of its once-dominant but now struggling Formula One team as part of a new strategic direction, Williams Grand Prix Holdings (WGPH) said on Friday.

The company published annual results showing Formula One revenue slid to 95.4 million pounds (US$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."

(Reporting by Alan Baldwin; Editing by David Goodman)