It's the end of an era as Williams announces that it has been bought by the US-based investment firm Dorilton Capital.
The deal, according to the Grove outfit, brings a successful conclusion to the strategic review launched in late May.
According to the official press release, Dorilton Capital is known for its long-term approach to investment and its key focus will be to restore the competitiveness of the team.
As part of its strategic review, Williams together with the group's financial advisers, conducted a comprehensive review of all the options available to the company, which included exploratory discussions with a series of potential investors.
The review concluded and the company subsequently announced the sale of Williams Racing to Dorilton Capital. The transaction received the unanimous support of the Board of Williams, including Sir Frank, who determined the transaction delivers the best outcome for the company's shareholders and secures the long-term success of the Williams Formula 1 team.
Dorilton Capital is a private investment firm headquartered in the United States with a strong track-record of building and enhancing companies with a flexible and patient investment style. Dorilton recognises and appreciates the importance of respecting and retaining Williams' heritage and culture and is committed to maintaining its identity. The team will continue to race and compete under the Williams brand, with the chassis name remaining unchanged. Dorilton has no plans to re-locate the team from Grove, its traditional home.
The new Concorde Agreement is set to transform the sport and will hopefully help address the historical challenges that Williams has faced as an independent constructor, by reducing the financial and on-track disparities between teams and creating a fairer, more competitive sport.
According to the team, the new changes present an exciting opportunity for Williams, which together with the new ownership, will secure the long-term future of Williams at the pinnacle of motorsport.
"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. "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.
"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. 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."
"The transaction announced today marks the next stage in the history of Williams Formula 1 at an exciting time in the sport," added Mike O'Driscoll, CEO of Williams. "The Company has successfully completed its strategic review and we are pleased to announce the sale to Dorilton Capital, which delivers a great outcome for shareholders and secures the long term future of the Company."
"We are delighted to have invested in Williams and we are extremely excited by the prospects for the business," said Matthew Savage, Chairman of Dorilton Capital. "We believe we are the ideal partner for the company due to our flexible and patient investment style, which will allow the team to focus on its objective of returning to the front of the grid.
"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."
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