The iconic Williams Racing team now has new owners after the struggling Grove squad was sold to American private investment firm Dorilton Capital.
Parent company Williams Grand Prix Holdings announced in May that it was entering into a formal sale process to raise vital cashflow for the team and that its owners would consider all options to achieving this outcome.
“The Strategic Review was a useful process to go through and proved that both Formula One and Williams have credibility and value,” said Claire Williams, Deputy Team Principal.
“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.”
According to the team’s announcement, Dorilton has committed to keeping the team’s name and has “no plans” to relocate its operations from its current Grove headquarters.
There has been no announcement about any planned changes of management or key personnel.
“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,” Williams added.
“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.”
Confirmation of the team’s sale to Dorilton Capital follows the team signing the latest incarnation of F1’s Concorde Agreement, which governs the commercial rights and obligations of all teams in the competition. Williams had led the charge for a more equitable distribution of the sport’s prizemoney and the implementation of cost-capping.
Image via Williams Racing
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