The Williams family will step aside from the running of the Formula 1 team following the conclusion of this weekend’s Italian Grand Prix.
Williams, which has struggled both on- and off-track in recent years, was sold to Dorilton Capital last month.
On Thursday it was announced that the family will relinquish their involvement after the upcoming Formula 1 event at Monza.
Sir Frank Williams has held the role of Team Principal since its foundation in 1977 while daughter Claire took over day-to-day running in 2013 under the guise of Deputy Team Principal.
The family ran Williams for 739 grands prix, taking 114 victories, and 17 world titles (nine Constructors’, seven Drivers’), enjoying their greatest success in the 1980s and 1990s.
An announcement on the new management structure has not yet been made.
“With the future of the team now secured, this feels like the appropriate time for us to step away from the sport,” said Claire Williams.
“As a family, we have always prioritised Williams. We have demonstrated that by our recent actions with the Strategic Review process and we believe now is the right time to hand over the reins and give the new owners the opportunity to take the team into the future.
“We have been in this sport for more than four decades. We are incredibly proud of our track record and the legacy we leave behind.
“We have always been in it for the love of it, for the pure pleasure of going motor racing, so this is not a decision that we have taken lightly but after much reflection and as a family.
“We are greatly appreciative of Dorilton’s encouragement to continue, but in them we know the team will be in good hands and the Williams name will live on.
“This may be the end of an era for Williams as a family-run team, but it is the beginning of a new era for Williams Racing and we wish them much success in the future.
“On behalf of Frank and the Williams family, I would like to say how incredibly grateful and humbled we are for the support we have enjoyed over the years, from our friends in the paddock to the many fans around the world.
“But mostly, we would like to thank our team. People who have worked at Williams in the past and present.
“They are the true warriors of this team and have made it what it is and we wish them well. Formula One has been our life for so long and now it’s time for a new chapter in our lives to begin.”