The driving force behind Oxfordshire Formula One team Williams F1 is considering floating the business on the stockmarket.

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

And bosses have made it clear that the idea is not about raising money but attracting a wider range of stakeholders instead of larger investors with short-term strategies.

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 with public shareholders, while having a stable core of long-term investors closely involved in the running of the team.

“This will ensure stability, good governance and will, I believe, enable us to attract and retain the best people and partners.”

He added the move could take place “in the near future” but whatever happened he would remain the major shareholder.

Team spokesman Claire Williams said: “There have been lots of approaches from manufacturers and investors but there is never any security from those people.

“We have 450 employees, some of whom have been with us for 30 years and we have to ensure their future is secure.”

Meanwhile, the team is due to start testing in Valencia on February 1 in readiness for the new season starting on March 13.