Longstanding Williams F1 team has been sold to US investment firm Dorilton Capital having been on sale since May. Thankfully, the Williams name will remain on the grid.
The announcement comes during the same week that all 10 constructors signed the Concorde Agreement, which hopes to bring about a more level playing field in Formula One for years to come.
Dorilton Capital has also announced that it has no plans to move the traditional base from Grove in Oxfordshire.
An announcement from Williams said: “This marks the beginning of an exciting new era in the history of Williams, which with its new owner, is well positioned to capitalise upon the sweeping rule changes coming into Formula One with the new Concorde Agreement.”
Williams F1 has been a part of the grid since 1977 and has taken nine constructors championships and seven world drivers championships in its time, although their last championship came in 1997 with Jacques Villeneuve. Williams hasn’t won an F1 race since 2012.
Deputy team boss, Claire Williams, said: “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.”
Matthew Savage, Dorilton’s chairman, said: “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.”
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