Williams F1 team sold to US investment firm
Williams, one of the longest serving and most successful teams in F1, has been sold for the first time in its history. The team, founded by Sir Frank Williams in 1977, has been acquired by Dorilton Capital – a US investment firm with a portfolio across medical, food and engineering firms.
Announcing the deal today (21st August) Williams said that the sale to Dorilton, agreed by all shareholders including Sir Frank, would secure the long term future of the team.
Williams had announced earlier in the season, following the cancellation of its sponsorship deal with Rokit, that it was looking to either sell the company as a whole or part to help secure the firm’s racing future. This change of heart for a team so long insistent on remaining family owned came about due to the incredible financial pressures brought about by the COVID-19 pandemic. More news as we get it…
Following the sale Claire Williams, Deputy Team Principle and daughter of Frank, said: “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.”
The team says that it will continue to race under the historic Williams name, with cars named under the “FW” chassis convention, and the team will not relocate from its long-standing headquarters in Grove.
Matthew Savage, the Chairman of Dorilton Capital, said the group was “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.”
The news comes after Williams joined the rest of the grid in signing the new Concorde Agreement, committing it to race in F1 until 2025. The team continues to struggle at the back of the grid, but has seen an upturn in form allowing drivers George Russell and Nicholas Latifi to compete with other teams in the midfield including Haas and Alfa Romeo.
Historical images courtesy of Motorsport Images.
Williams
Formula 1
F1 2020
Frank Williams
Claire Williams
