Williams Racing has been acquired by Dorilton Capital, a US investment company, marking the end of the F1 team’s strategic review which was launched in May and explored various sources of funding to secure the constructor’s financial future.
Williams announced the acquisition in a press release on Friday morning, and said Dorilton Capital’s priority will be restoring the competitiveness of the team after several difficult seasons for the constructor.
The takeover was unanimously supported by Williams’ board, and the team will continue to compete under the Williams brand despite it no longer being a family owned constructor.
“This marks the beginning of an exciting new era in the history of Williams, which with its new owner, is now well positioned to capitalise upon the sweeping rule changes coming into Formula One with the new Concorde Agreement,” the Grove-based racing outfit said.
Claire Williams, deputy team principal, said “This may be the end of an era for Williams as a family-owned team, but we know it is in good hands.”
Continuing, she said the deal ensures Williams’ survival in F1 and “will provide a path to success.”
Meanwhile, Matthew Savage, chairman of Dorilton Capital, said they are “delighted” with the acquisition and have no plans to relocate the team from their facilities at Grove.