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.”