Williams has announced that its F1 team has been sold to American private investment firm Dorilton Capital, but will retain its name.
Williams said back in May that it was considering a partial or full sale of its F1 team in a bid to ease financial pressures, and that it was undergoing a strategic review of the best action to safeguard its future.
The team had suffered a downturn in revenue in recent years after slumping to the bottom of the F1 constructors’ championship in each of the past two seasons.
In a statement issued on Friday, Williams confirmed it had been bought out by Dorilton Capital in a move that brings “a successful conclusion to the Strategic Review which was launched in late May.”
Dorilton Capital is a New York-based private investment firm that has involvement in sectors such as healthcare, engineering and manufacturing.
The sale of Williams Racing to Dorilton Capital received “unanimous support” from the company’s board, including team founder Sir Frank Williams, and “secures the long-term success of the Williams Formula 1 team”.
The announcement confirmed there are no plans to change the name of the team or the chassis, with the new owner recognising “the importance of respecting and retaining Williams’ heritage”.
There are also no plans to relocate the team from its existing base at Grove in Oxfordshire.
“The Strategic Review was a useful process to go through and proved that both Formula One and Williams have credibility and value,” said Williams 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.
“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.
“We are enormously grateful to Dorilton for the faith they have shown in our team and we look forward to working with them now.
“I would also like to thank the Williams Board and our advisers who have worked tirelessly over the past months to make this happen and our employees who have remained steadfastly loyal.”
Matthew Savage, Chairman of Dorilton Capital, commented: “We are delighted to have invested in Williams and we are extremely excited by the prospects for the business.
“We believe we are the ideal partner for the company due to our flexible and patient investment style, which will allow the team to focus on its objective of returning to the front of the grid.
“We look forward to working with the Williams team in carrying out a detailed review of the business to determine in which areas new investment should be directed.
“We also recognise the world class facilities at Grove and confirm that there are no plans to relocate.”
The news comes as a boost to Williams’ future prospects after recent financial uncertainty stemming from its on-track struggles, with the COVID-19 pandemic also set to have a large commercial impact.
While the team remains at the bottom of the F1 constructors’ championship, it has enjoyed an upturn in performance so far this season.
George Russell and Nicholas Latifi have regularly fought with lower-midfield rivals Haas and Alfa Romeo, marking a significant step forward from the team’s 2019 form.