The Williams Formula One racing team has been sold to US investment firm Dorilton Capital, after 43 years as a family-owned outfit.
The company has wrestled with heavy losses and the increased pressure caused by coronavirus, opting to put itself up for sale in May to secure the future of a team that is still one of the most successful in F1 history.
“This is the end of an era for Williams as a family-owned team, but we know it is in good hands,” said deputy team principal Claire Williams, the daughter of Sir Frank Williams, who founded the team in 1977 and is still team principal at 78. “It ensures the team’s survival, but importantly provides a path to success.”
In a statement on the Williams website, Dorilton said it had no plans to move the company from its home in Grove, Oxfordshire.
Williams remain the second most successful constructor, with nine championships to Ferrari’s 16. All were achieved during the team’s heyday in the 1980s and 90s, when they also won seven drivers’ titles, including victories for British drivers Nigel Mansell and Damon Hill.
But the Oxfordshire-based team has been unable to replicate that success in recent years and has also struggled financially, losing £13m last year.
A statement from the F1 team 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.”
The agreement will see the sport’s prize money shared out more evenly among teams, which should theoretically help independent outfits such as Williams to close the gap on the dominant Mercedes team.
Dorilton Capital is a US investment firm based in New York that owns a portfolio of companies in sectors including food, healthcare and engineering. Its founder Matthew Savage, who also chairs all the companies in Dorilton’s portfolio, 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.
“We also recognise the world class facilities at Grove and confirm that there are no plans to relocate.”
Before founding Dorilton, Savage spent 22 years with financial advisory firm Rothschild, where he advised clients on restructuring and mergers and acquisitions.