Williams will have new colours once the racing gets up and running in July.

Last Friday, the famous backmarker team not only announced its split with title sponsor Rokit, Williams also admitted it may be sold.

"This certainly doesn't mean that the team won't go on for many years," team deputy Claire Williams, whose father Sir Frank founded the team in 1977, told Speed Week.

"For us, it's about securing the future of the team and ensuring that we have a successful future."

Speed Week claims that the London sports marketing agency 1920 Worldwide is helping Williams to handle the situation.

"Williams has always done a good job of attracting new partners and I believe that we will continue to do so," Claire added. "This is a great brand and a great team and we are on a very exciting journey."

The Rokit split means Williams will look to change its livery prior to the racing restart in Austria from July.

"We'll be unveiling our new livery before we hit the track," Claire Williams revealed.

As for whether the famous Williams name could disappear after a potential sale, she added: "It's too early to speculate about that but I think the Williams family would certainly like to see the Williams name stay in Formula 1."