The Williams Formula One team could be sold after their parent company declared a heavy financial loss for 2019.

The Williams Grand Prix Holdings group (WGPH) released its annual financial results on Friday, confirming a decline in revenue driven by "poor on-track performance", the team having finished bottom of the constructors' standings in both 2018 and 2019.

Having announced a £12.9million profit margin in earnings before interest, taxes, depreciation, and amortisation (EBITDA) in 2018, WGPH reported a corresponding £13million loss for 2019 and is now seeking new investment, including offering a minority or majority stake in the team to interested parties.

However, an outright sale will also be considered as the team wait for the start of a 2020 F1 season still delayed by the ongoing coronavirus pandemic.

"The WGPH board is undertaking a review of all the various strategic options available to the company," a statement regarding the formal sale process announcement read.

"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 Williams group has yet to receive any formal approach but did reveal "preliminary discussions" with a "small number" of parties over potential investment.

"The company is not in receipt of any approaches at the time of this announcement and confirms that it is in preliminary discussions with a small number of parties regarding a potential investment in the company," WGPH said.

"There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.

"The WGPH board reserves the right to alter or terminate the process at any time and if it does so it will make an announcement as appropriate. The WGPH board also reserves the right to reject any approach or terminate discussions with any interested party at any time."

The team have struggled of late but have a proud history in Formula One, including winning the constructors' title nine times while clocking up 114 race wins.