Williams is considering selling its Formula 1 team and entire company group after posting a £13m loss last year.

The momentous decision marks a major change in policy for a company whose founder, Sir Frank Williams, had always insisted on retaining control.

A “new strategic direction” could involve a whole or partial sale of the company, including the F1 team.

Williams also says it is in “preliminary discussions with a small number of potential investors”.

More to follow.