The US-based investment firm, Dorilton Capital, has bought Formula 1 stalwarts Williams Racing.
Williams has been a family run business since it was founded by Sir Frank Williams and Sir Patrick Head in 1977. This news means the team will cease to run as a family operation.
The Oxfordshire based Formula 1 team has been on the market since March and has been hoping for a buyer after confirming their long-term future in the sport earlier this week.
In a statement from Claire Williams, Deputy Team Principal, she said: “The Strategic Review was a useful process to go through and proved that both Formula 1 and Williams have credibility and value.
“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.
“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.”
Mike O’Driscoll, CEO of Williams, said: “The transaction announced today marks the next stage in the history of Williams Formula 1 at an exciting time in the sport.
The Company has successfully completed its strategic review and we are pleased to announce the sale to Dorilton Capital, which delivers a great outcome for shareholders and secures the long term future of the Company.”
Matthew Savage, Chairman of Dorilton Capital, said he is looking forward to the prospects of business with Williams and that Dorilton Capital is the ‘ideal partner’.
Savage said: “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.”