Williams is considering a sale of its once-dominant but now struggling Formula One team as part of a new strategic direction, Williams Grand Prix Holdings announced on Friday.

The company published annual results showing Formula One revenue slid to stg95.4 million pounds ($A176.7 million) in 2019, down from stg130.7 million pounds ($A242.1 million) the previous year.

Offering a minority or majority stake will be considered, but so too will an outright buy-out.

“The WGPH board is undertaking a review of all the various strategic options available to the company,” it said.

“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.

“Whilst no decisions have been made regarding the optimal outcome yet, to facilitate discussions with interested parties, the company announces the commencement of a ‘formal sale process’.”

The team says it is yet to receive any formal approaches but has confirmed “preliminary discussions” with possible investors.

It also stated that despite the change of approach the company has both the funds and the intent to reclaim its place on the grid as and when racing returns.

“While the Company has faced a number of challenges, Williams currently remains funded and ready to resume racing when the calendar allows in 2020.”