London, May 29 (IANS): The Williams Formula 1 team are up for sale after posting a 13 million pound loss last year. The development is a marked shift in the history of the team's policy with principle Frank Williams always adamant on maintaining control throughout its history.

"Frank is always aware of and up to speed with every decision the board takes and is supportive," deputy team principle Claire Williams, whose father Frank led the team for much of its years of dominance in the 1970's and 1980's, is quoted as saying by BBC Sport.

"He wants to ensure the future success of his team and understands and agrees this is the right time to seek inward investment to achieve that."

The company said in a statement that they were considering "various strategic options… including but not limited to raising new capital for the business, a divestment of a minority stake in Williams Grand Prix Holdings, or a divestment of a majority stake in WGPH including a potential sale of the whole company".

It said the company was "not in receipt of any approaches at the time of this announcement" but said it was "in preliminary discussions with a small number of parties regarding a potential investment".

Williams are among the most successful Formula 1 teams of all time alongwith Ferrari and McLaren but have fallen down the pecking order drastically in the last decade. They came last in the constructors' championship for the second time in a row in 2019.