The WilliamsF1 team looks set to announce a major new deal prior to the start of the 2008 FIA Formula 1 World Championship season in March.

According to sources close to a third interest in the Grove-based operation has been sold to Icelandic investment company, Baugur, which has had dealings with the squad for a number of years through its Hamleys toy-shop brand.

Although details are currently sketchy and have not been officially confirmed, rumours have been circulating at the Autosport International Show and it is thought an announcement could be made very soon.

Indeed speculation has been going on for a while and reported on Monday that a deal could be on the cards.

If the rumours do prove to be true it could be a major boost for Frank Williams and Patrick Head and their bid to take the operation back to the front of the grid.

One thing is clear, the Baugur Group doesn't lack ambition or clout and in recent years has acquired a number of well known companies, including the Iceland supermarket chain, as well as department store, House of Fraser and jewellery giant, Goldsmiths - to mention just three.

More to follow as and when it is known...



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