Frank Williams had pursued a career in motor racing primarily as a dealer in cars and spares. Recognising he had reached his ceiling as a driver, he began entering other competitors, most notably his close friend Piers Courage. After backing Courage through a strong 1968 Formula Two season, Williams purchased a Brabham Formula One car for Courage to use in 1969. The move reportedly displeased Jack Brabham, who believed the car had been sold for use in the Tasman Series. On track, the season was an immediate success: Courage finished second at both the Monaco and United States Grands Prix, establishing the team's credibility.
The strong 1969 results attracted the interest of Italian manufacturer De Tomaso, which built a Formula One chassis designed by Giampaolo Dallara for the 1970 season. The car, the De Tomaso 505/38, proved uncompetitive in its early races. Then, at the Dutch Grand Prix, it flipped and caught fire, killing Courage. The tragedy deeply affected Williams. The subsequent emotional distance Williams maintained from his drivers throughout the rest of his career has widely been attributed to this event. The team continued with Brian Redman and then Tim Schenken, but achieved nothing notable, and the De Tomaso partnership was dissolved at season's end.
For 1971, Williams purchased a year-old March 701 and ran Henri Pescarolo. The team later upgraded to a March 711 but results were scarce, and Williams was living hand to mouth. Pescarolo kept the team alive with a fourth place at the British Grand Prix and sixth in Austria.
For 1972, French oil company Motul funded a new March 721 for Pescarolo, while backing from Italian toy manufacturer Politoys provided money to build an in-house chassis — the Len Bailey-designed Politoys FX3. The car debuted at the British Grand Prix but suffered steering failure and was heavily damaged. Chris Amon drove the rebuilt car at a non-championship event at Brands Hatch, qualifying only 20th before retiring with engine failure.
Motul and Politoys withdrew at the end of 1972, but Williams secured backing from Marlboro and Italian sports car company Iso Autoveicoli for 1973. The reworked chassis became the Iso-Marlboro FX3B. Howden Ganley and Nanni Galli were the principal drivers, though Galli was injured early and replaced by several substitutes. Ganley scored the team's lone championship point at the Canadian Grand Prix in a successor car, the Iso-Marlboro IR, introduced mid-season and driven by eight different drivers over the remainder of the year.
Both Iso Rivolta and Marlboro departed before 1974. The two IR chassis were re-designated FW — after Frank Williams — and Arturo Merzario was retained as lead driver. A sixth place in South Africa provided an early boost. Jacques Laffite joined mid-season to partner Merzario, and the combination gradually improved, culminating in Merzario's fourth place in Italy. The team scored four points that year and a tenth-place finish in the Constructors' Championship.
For 1975, Merzario and Laffite returned. A newly designed Williams FW04 replaced the older chassis at the Spanish Grand Prix, with Tony Brise substituting for Laffite at that event. Financial problems intensified, and Merzario departed after Belgium; his seat was filled by a succession of six paying drivers. Patrick Head joined the team around this time as a young engineer. A remarkable second place for Laffite in Germany — behind only Carlos Reutemann's Brabham — brought critical funds when the team was on the brink of collapse. It remained the team's only points finish that season.
Before 1976, Canadian oil millionaire Walter Wolf purchased 60 percent of Frank Williams Racing Cars, renaming the team Wolf-Williams Racing. Williams was retained as team manager. Former Hesketh Racing equipment and personnel were absorbed into the operation, and Harvey Postlethwaite arrived as chief engineer. At season's end, Wolf restructured and removed Williams from his managerial role, installing former Team Lotus manager Peter Warr. Williams departed and co-founded Williams Grand Prix Engineering with Patrick Head in 1977. Wolf took full ownership of the restructured operation, which became Walter Wolf Racing.
Frank Williams Racing Cars never won a Formula One Grand Prix and operated for much of its existence on the margins of solvency. Yet it produced the human and institutional foundation for Williams Grand Prix Engineering, which would go on to win seven Constructors' Championships. The team's years of struggle shaped the resourcefulness and determination that later defined the Williams organisation.