The future of Williams F1 team has landed on stable ground after it was announced today the British outfit has been acquired by American private investment firm Dorilton Capital.
Back in May Williams confirmed it was weighing up a decision to sell the team amid a period of financial uncertainty with the risk of having the storied team wiped from the grid.
The team has slumped in recent seasons; winless since 2012 with its last constructors’ championship back in 1997 and has come under a shaky financial period following the unceremonious exit of title sponsor ROKiT earlier in the year after only a handful of races.
Williams had targeted a summer completion of any new investment or risk having the team shut down its operations indefinitely.
But today it was confirmed by the team it has been bought out by American investment firm Dorilton Capital who operate out of New York with a portfolio which includes industrial services companies, healthcare and food technology. The transaction received the unanimous support of the Board of Williams, including legendary co-founder Sir Frank.
“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.
“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.”
Importantly, the Williams name will remain on the F1 grid with Dorilton recognising the celebrated heritage of the team as well as confirming the team’s headquarters will remain in Grove.
Williams also recently inked their allegiance to the new Concorde agreement which aims to create a more level playing field by bridging the financial abyss between the sport’s top three teams and the smaller midfield teams.