The Williams Formula One team have been acquired by US-based investment firm Dorilton Capital after being put up for sale in May. The deal is expected to secure the team's long-term future.
The Williams team announced in May that it recorded significant losses in last season. As a reaction to its financial issues, the company launched a strategic review to seek for stability for the outfit’s long-term future. A number of options had been considered including selling a part of the team or even the entire outfit.
After signing up for the new Concorde Agreement earlier this week, Williams Racing has now announced that it has sold the team to Dorilton Capital. The team is sure that „this marks the beginning of an exciting new era in the history of Williams.
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.
The Williams name will remain in place and the new owners confirmed that they have no intention to relocate the Grove base of the team to the USA.
Matthew Savage, Chairman of Dorilton Capital, commented: “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. We also recognise the world class facilities at Grove and confirm that there are no plans to relocate.”
Williams joined Formula One at the 1977 Spanish Grand Prix and has become the second most successful team in the sport behind Ferrari. The Grove-based outfit has won nine Constructors’ Championship titles and secured seven Drivers’ Championship titles. The team has scored a total of 114 victories and 128 pole positions.
Claire Williams, Deputy Team Principal, commented: “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.
„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.”
Reflecting on the announcement Williams CEO Mike O’Driscoll, said: “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.”