Williams F1 team sold to American investment firm Dorilton Capital

BERLIN: Williams have been acquired by American investment firm Dorilton Capital, the British Formula One team said on Friday.

In May the once-great team launched a strategic review with all options including a sale on the table as they aimed to improve their competitiveness after years in the wilderness.

“The strategic review was a useful process to go through and proved that both Formula One and Williams have credibility and value,” Claire Williams, deputy team principal, said in a statement.

“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 recognized the team’s potential and who could unlock its power. In Dorilton we know we have found exactly that.”

Williams won nine constructors’ titles between 1980 and 1997 and seven drivers’ championships in the same period, including triumphs for Nelson Piquet in 1987, Nigel Mansell in 1992 and Alain Prost in 1993.

But it has been a barren time since and last season Williams finished bottom of the standings with just one point.

Frank Williams, who set up the team in 1977, stepped down from the board in 2012 with his daughter Claire taking his place. He gradually handed over control and was not quoted in the statement announcing the sale, although it did say the 78-year-old supported the move.

The team will continue racing under the Williams brand and the new owner has no plans to relocate the factory from Oxfordshire, England.

Matthew Savage, chairman of Dorilton Capital, said: "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.”

Williams said earlier this month that the team will continue to compete in Formula One until at least 2025 having signed up to the ‘Concorde Agreement’ governing the sport. – dpa