Williams Grand Prix Holdings PLC (XTRA:WGF1) is exploring the sale of a stake in Williams Advanced Engineering Ltd in a deal that could raise tens of millions of pounds for the famous racing outfit. Sky News has learnt that Williams Grand Prix Holdings has been approached by several parties about a deal involving Williams Advanced Engineering (WAE). Sources said that Williams was open to the sale of a majority stake in WAE although a more likely outcome would see a large minority stake acquired by a third party. A number of private equity firms have already expressed an interest in the business. Lazard Ltd (NYSE:LAZ) acts as Williams' long-standing corporate finance adviser although it has not yet been instructed to run a formal process on WAE. It is due to publish half-year results in ten days' time, at which point it could choose to set out more details of its decision to explore the disposal of a stake in WAE. Williams declined to comment this weekend.