Though the move left Sergio Perez "heartbroken", Mercedes boss Toto Wolff says it was done with the best interests of the team in mind and will prove positive for the Silverstone-based outfit.

The Austrian also claims that there are already a number of potential purchasers with "deep pockets" eyeing the team.

"There are many potential buyers with great interest, with deep pockets, with an understanding of what kind of spending levels are needed in order to perform in F1," he told reporters at the weekend.

"It is something that is positive for the team, and for all its employees, I would say," he said of the administration process that began on Friday. "As much as we have to recognise Vijay's effort the last 10 years, we shouldn't forget that.

"Credit must be given to Vijay for ten years or so of funding the team," he said of the team's co-owner who is battling extradition to India where he is facing fraud charges. "And having been not only a shareholder, the key shareholder of the team, but also having had the enthusiasm to support the team and fund it.

"Obviously things have turned more difficult for him in the past," hew added, in a masterpiece of understatement, "and that has had an effect on the team."

"Now, a formal process has been started with administration and we have to wait and see who will bid for the assets.

"We as Mercedes are interested spectators of the process," he admitted. "We would like to understand what the funding strategy from a potential new buyer is, how it could affect the collaboration between the two teams. We aren't there yet."

According to media speculation, on pole position is Lawrence Stroll, billionaire father of Lance Stroll. However, one must ask whether this would be a good move as surely Stroll's interest in the team will only last as long as his son has aspirations of F1 success.

Of course, the departure of Stroll and his father's money would also be a further blow to Williams, which has already confirmed the loss of title sponsor Martini at the end of the year and currently looks destined to finish last in the team standings.