WILLIAMS has announced it is considering selling the Formula 1 team after losing £13m last year. 

The William Grand Prix Holdings Group reported the dip in the profits for the year ending in 2019. 

At the end of 2018 the Wantage-based company had made £12.9m in profit. 

In a statement, the company said: "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.

"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."

It said it was yet to have any formal approaches but it  has confirmed 'preliminary discussions' with possible investors. 

The impact on jobs at the Grove headquarters is not yet known.