The Williams F1 team has announced that it has been acquired by New York-based private equity firm Dorilton Capital for an undisclosed sum. Williams had announced in May 2020 that it had undergone strategic review under which it was exploring extra investment or sale of the iconic Formula 1 team. The team was founded by Sir Frank Williams and currently run by his daughter Clair Williams who's the deputy team principal.
"The team will continue to race and compete under the Williams brand, with the chassis name remaining unchanged. Dorilton has no plans to relocate the team from Grove, its traditional home," said Sir Frank Williams in an official statement.
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"We have now reached a conclusion and we are delighted that Dorilton is 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," Clair Williams, daughter for the Williams founder and the deputy team principal.
The Williams F1 Team will not relocate from its traditional home in Grove, UK, under the new ownership | Photo Credit: AFP
The sale of the Formula 1 constructor is said to have received the unanimous support of the company board. Williams has also seen a turn around in its fortunes after a horrid two years in the sport. Recently, Williams had also resigned the "Concorde agreement" which committed the team to the fastest motor racing sport in the world till 2025.
Originally, 2021 was scheduled to mark a dramatic change in rules of the motorsport with new technical regulations, budgetary caps being introduced to make the sport more competitive for smaller teams like Williams. Alongside Ferrari and McLaren, Williams is just not an iconic team, but also one of the most successful ones in the sport. The new technical regulations and budget caps, even though now pushed back to 2022 because of COVID-19, will hold the team in good spirits considering its new ownership.
While Williams has seen an improvement in performance over previous years, it's still not the most competitive on the grid. The new ownership is expected to change that
"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," said Matthew Savage, chairman of Dorilton Capital.
"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 recognize the world-class facilities at Grove and confirm that there are no plans to relocate," he added without revealing if Clair Williams will still remain at the team or not.
Chances are all members of the Williams family will move out of the team, though nothing has been confirmed yet. The one thing that has been saved, though, is the Williams name itself, which for all purposes, is iconic.
