Williams is set to unveil a new livery before the start of the 2020 Formula 1 season after splitting from title sponsors ROKiT.

The British squad confirmed on Friday that it had terminated its main sponsorship deal with ROKiT with immediate effect, despite last year agreeing a new long-term extension of the partnership until the end of 2023.

Deputy team principal Claire Williams insisted the team “met all of our contractual obligations to ROKit” and revealed that its original livery for 2020 will be changed ahead of the planned season opener in Austria in July.

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"Obviously the livery is something that we've got to look at when we go racing again, hopefully in July," she said.

"F1 has put a marker in the sand for 5 July. We will unveil our new livery before we hit the race track.

The Williams F1 team and wider company group are up for sale as part of a “new strategic direction” to secure its future after posting a £13m loss last year.

Williams has suffered losses off the back of difficult seasons in 2018 and 2019 and it is also feeling the effects of the coronavirus crisis, although its latest financial results do not go not include impact of the COVID-19 pandemic.

Williams stressed her family would like to retain the Williams name in F1, despite acknowledging that an incoming buyer could decide to rebrand the team.

“It’s too early probably to hypothesise on what the team could and couldn’t be called,” Williams explained. “I think the Williams family would certainly always like to see the Williams name in Formula 1.

“It certainly doesn’t mean that this team won’t continue to race for many years to come. This for us is about securing the future of our team and making sure that we have a successful future to the generation of inward investment.”