Williams Grand Prix Holding (WGPH) has announced its 2019 financial results and plans to undergo a strategic review of all alternatives available to the company.
The group, currently racing in Formula One as Williams Racing, is a British Formula One motor racing team and constructor, is weighing options such as raising new capital, a divestment of a minority stake, or majority interest, and a potential sale of the entire business.
No final decision has been made at this time; however, WGPH has hired Allen & Co and Lazard to advise on the review and a formal sales process.
The company is encouraging interested parties to contact these companies and said that any potential suitor will need to enter into a non-disclosure agreement with the group.
Further announcements regarding timings and procedures for the formal sales process will be made as appropriate.
According to the press release, WGPH has faced a number of challenges; however, it remains funded and ready to resume racing when the calendar allows in 2020.
The group posted revenue of GBP 160.20 million in the year ended 31st December 2019, down 9.2 per cent to GBP 176.50 million in the previous 12 months.
Loss before interest, taxes, depreciation and amortisation totalled GBP 13.00 million in 2019, compared to a profit of GBP 12.90 million in 2018.
WGPH is one of the world’s leading Formula One teams, with the Williams name being in the top-level motorsport since the 1960s.
After running teams, patron Frank Williams founded his first company in 1966 and entered the racing league in 1969.
He later sold this business and established Williams Grand Prix Engineering in 1977, building their first car the FW06 the following year.
The business has won 16 FIA Formula One World Championship Titles, nine for constructors and seven for divers and is billed as the third most successful team on the grid.
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