Williams and Baugur in cahoots for 2008

(GMM) British team Williams sets off for the Australian grand prix late this week with hefty involvement for the 2008 season by Baugur, an Icelandic investment group.

Although recent rumors that Baugur was keen to buy a slice of the jointly Sir Frank Williams and Patrick Head-owned team were apparently wide of the mark, the company's associated brands feature prominently on the newly-revealed livery for Williams' new car for 2008, the FW30.

Fashion label All Saints (rear wing endplates, overalls), mydiamonds.com (rear wing) and London toy shop Hamley's (side pods) – all Baugur brands – have taken up prominent residence on the car's livery, sparking speculation of a closer tie-in with the British team.

It is understood that more Baugur-related sponsorships could come on line later in 2008, now that its intended collaboration with Prodrive has definitively ended, but Sir Frank Williams and team sources will not be drawn on whether any equity will ultimately change hands.

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