The driving force behind Grove Formula One team Williams F1 is considering floating the business on the stock market.

Sir Frank Williams, who founded the Grove-based team in 1977 with Patrick Head, said the move would help guarantee the long-term future of the outfit as an independent constructor.

Sir Frank, 68, said: “It is prudent and necessary to plan for an ownership structure that will enable Williams to be an independent constructor, owned and staffed by people committed to Formula One.

“I have concluded that the option which will best achieve this is to broaden our shareholder base.”