Williams Racing has confirmed that Britain's George Russell and Canada's Nicholas Latifi will continue to remain with the team for next season of Formula One.


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Though Russell had signed a multi-year deal with the team till the end of 2021, there were speculation of his possible move to Mercedes' works team.


However, the Formula One issued an official statement on Thursday, confirming that Russell will be staying with the British team for the next season.


"Russell had previously said his future was in Deputy Team Principal Claire Williams' hands, as he pushed for his chance at Mercedes," the F1 statement said.


"However following discussions, Russell opted to draw a line in the sand when speaking during the Thursday press conference in Hungary by confirming he is staying put for 2021 – with Mercedes now likely to retain Lewis Hamilton and Valtteri Bottas," F1 added.


Meanwhile, Russell's rookie team mate Nicholas Latifi--who signed Williams Racing for this campaign--will also remain with the team for next year.


It is believed that Latifi has penned down a three-year deal with Williams which will run until the end of 2022.