Williams Formula 1 Team has been bought by New York based investment firm, Dorilton Capital. All of which comes after Williams considered a partial or full sale in late May to ease increasing financial pressures.
The team had been struggling financially and subsequently struggled on track, enduring two consecutive seasons at the bottom of the F1 standings.
Claire Williams spoke about the team sale stating the buy out by Dorilton Capital is a move that brings "a successful conclusion to the Strategic Review which was launched in late may."
Williams' new owners, Dorilton Capital are a private investment firm that have involvement in sectors such as healthcare, engineering and manufacturing.
Although Williams is no longer a family owned business, the sale of the team received unanimous support from the company's board, which includes the team founder Sir Frank Williams.
Dorilton Capital has confirmed there are no plans to change the name or relocate the team from its existing base in Grove, Oxfordshire as they recognise "the importance of respecting and retaining Williams' heritage."
Claire Williams, deputy team principle released this statement:
"The Strategic Review was a useful process to go through and proved that both Formula One and Williams have credibility and value.
"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.
"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, Chairman of Dorilton Capital, commented:
"We are delighted to have invested in Williams and we are extremely excited by the business prospects for the business.
"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."
The sale comes as a boost to Williams' future after recent financial hardship, worsened by the ongoing COVID-19 pandemic.
Yet one can't help but feel disappointment as the commercialisation and financial aspects of the sport has overtaken the human emotion and legacy.
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