Explaining their decision, deputy team principal Claire Williams said, “With the future of the team now secured, this feels like the appropriate time for us to step away from the sport.
“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.”
Continuing, she said, “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.”
She added that they 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.”
Matthew Savage, chairman of Dorilton Capital and Williams Racing, said they are proud to carry the Williams name into the “next exciting phase” of Formula One.
The team was sold to Dorilton Capital last month for an undisclosed amount, bringing an end to Williams being a family owned F1 constructor.
Savage, Darren Fultz and James Matthews will make up William’s new board of directors.
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