Formula 1 team Williams Racing has been acquired by US private investment firm Dorilton Capital, bringing a ‘successful conclusion’ to the manufacturers’ strategic review launched in late May.
The takeover of Williams Racing follows on from the announcement that all 10 Formula 1 sides have agreed terms of the new Concorde Agreement, which outlaid the commercial plan of the sport for the next five years.
Dorilton Capital have also confirmed that the Williams name will remain on the grid for the foreseeable future, whilst the new owners have no plans to move the side’s base of operations.
Claire Williams, Deputy Team Principal, stated: “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.”
Dorilton Captial’s purchase of Williams Racing received unanimous support from the Board of Williams, determining that the transaction delivered the best outcome for the company’s shareholders whilst also securing the long-term success of the Williams Formula 1 team.
Mike O’Driscoll, CEO of Williams, added: “The transaction announced today marks the next stage in the history of Williams Formula 1 at an exciting time in the sport. 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.”
Since its creation by Sir Frank Williams and Sir Patrick Head, Williams Racing has been under family ownership, however, the nine time constructor champions will now be headed by the US firm who plans to offer a ‘flexible and patient investment style’.
Matthew Savage, Chairman of Dorilton Capital, added: “We are delighted to have invested in Williams and we are extremely excited by the 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. 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.”