Charles Coates/Motorsport Images
Williams sold to US-based Dorilton Capital
The Williams Formula 1 team has been sold to U.S.-based private investment company Dorilton Capital, ensuring the long-term security of the team.
Founder Frank Williams was previously the majority shareholder but the team has been facing financial difficulties as the costs of competing in F1 have increased. As a result, Williams Grand Prix Holdings Ltd undertook a strategic review this year, announcing it was investigating various investment possibilities available to it, including a full sale of the F1 team.
Dorilton Capital has purchased the team -- consisting of the F1 business, the remaining minority stake in Williams Advanced Engineering and all other trading assets and liabilities -- for €152m ($179.5m), with Williams stating the sale “received the unanimous support of the Board of Williams, including Sir Frank, who determined the transaction delivers the best outcome for the company’s shareholders and secures the long-term success of the Williams Formula 1 team.”
Dorilton is headquartered in New York City, while also having offices in Houston, Texas, but has reiterated it will not be relocating the F1 team. Its cars will continue to race under the Williams brand with the chassis prefix of FW remaining unchanged.
“We are delighted to have invested in Williams and we are extremely excited by the prospects for the business,” Matthew Savage, chairman of Dorilton Capital, said. “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 recognize the world class facilities at Grove and confirm that there are no plans to relocate.”
Chris Medland
While studying Sports Journalism at the University of Central Lancashire, Chris managed to talk his way into working at the British Grand Prix in 2008 and was retained for three years before joining ESPN F1 as Assistant Editor. After three further years at ESPN, a spell as F1 Editor at Crash Media Group was followed by the major task of launching F1i.com’s English-language website and running it as Editor. Present at every race since the start of 2014, he has continued building his freelance portfolio, working with international titles. As well as writing for RACER, his broadcast work includes television appearances on F1 TV and as a presenter and reporter on North America's live radio coverage on SiriusXM.
Read Chris Medland's articles
Latest News
Comments
Comments are disabled until you accept Social Networking Cookies. Update cookie preferences
If the dialog doesn't appear, ad-blockers are often the cause; try disabling yours or see our Social Features Support.
