Williams revealed on Friday that they are considering selling the Formula One team after a multi-million pound drop in the company’s financial results.

The William Grand Prix Holdings group reported an adjusted loss of £13 million for the year ending 2019. After posting a £12.9 million profit in 2018, Williams have responded to the blow by seeking new investment.

“The WGPH board believes that the strategic review and formal sale process is the right and prudent thing to do,” a Williams statement said.

The British-based team are yet to receive any formal approaches but confirmed “preliminary discussions” have taken place with possible investors.