Williams Racing has been acquired by private investment firm Dorilton Capital, with the Formula 1 team calling it the “best outcome for the long-term success” of the outfit.
Williams has struggled in Formula 1 in recent years, finishing at the foot of the Constructors’ Championship, and in May confirmed it was seeking fresh investment.
On Friday it was announced that US-based private investment firm Dorilton Capital has acquired Williams Racing, and that the transaction received the unanimous support of the Board of Williams, including co-founder Sir Frank.
In a statement Williams said Dorilton “recognises and appreciates the importance of respecting and retaining Williams’ heritage and culture and is committed to maintaining its identity.”
The team will continue to compete in Formula 1 under the Williams brand and it was stressed that Dorilton has “no plans to re-locate the team” from its current base at Grove, in the United Kingdom.
The development comes just two days after confirmation that all 10 Formula 1 teams have signed up to the 2021-25 Concorde Agreement.
“The Strategic Review was a useful process to go through and proved that both Formula One and Williams have credibility and value,” said Deputy Team Principal Claire Williams.
“We have now reached a conclusion and we are delighted that Dorilton are the new owners of the team.
“When we started this process, we wanted to find a partner who shared the same passion and values, who recognised the team’s potential and who could unlock its power.
“In Dorilton we know we have found exactly that: people who understand the sport and what it takes to be successful. People who respect the team’s legacy and will do everything to ensure it succeeds in the future.
“As a family we have always put our team first. Making the team successful again and protecting our people has been at the heart of this process from start.
“This may be the end of an era for Williams as a family-owned team, but we know it is in good hands.
“The sale ensures the team’s survival but most importantly will provide a path to success.”