Ex-F1 driver Ralf Schumacher says Williams should have overhauled its management structure "years ago", with the Williams family failing to steer the British outfit into F1's modern era according to the German.
Schumacher raced for Williams between 1999 and 2004, winning all of his six Grands Prix with F1's third most successful outfit behind Ferrari and McLaren.
Unfortunately, a period of under-performance and depressed results have taken their toll on Williams' financial situation, compelling its owners to put the team on the market, a move Schumacher believes is an indictment of the Williams family's poor management.
"It looks like neither Frank Williams nor his daughter were able to lead the team in a modern way," said Schumacher, quoted by Speedweek. "There are a lot of things wrong with the management style.
"Years ago the path should have been cleared for young management personnel. I have experienced this myself - times have just changed.
"The Frank Williams system always consisted of exerting a lot of pressure from above. But now we have a lot of young people that study Formula 1. Some of them are only briefly in the top class, because they won't lend themselves be manipulated.
Schumacher believes Williams' sale could represent a good opportunity for an investor with deep pockets.
"But only if Frank and Claire withdraw completely," said Schumacher.
"I still think the racing team is great. If I had the right partners and the money, I would get involved immediately."
Canadian businessman Michael Latifi, whose son Nicholas races for Williams, is seen as a possible suitor, having provided the team with a secured loan earlier this year.
But Schumacher points to Russian billionaire Dmitry Mazepin, who attempted to acquire Force India in 2018 and whose son Nikita races in Formula 2, as a more probable party interested in taking over Williams.
"Mazepin is in the starting blocks and is wealthier than Latifi and [Lawrence Stroll] Stroll," Schumacher said.
"So far he has bought every team for his son, from Formula 3 upwards. I cannot criticise that because I am glad that there are people who love our sport and are willing to invest so much money, even if it's for their children."
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