Why team sale provides the reset Williams needs

Late 2009, and a call came into Cosworth from Frank Williams' PA asking if I could attend a meeting. She added that this would be, "today, at 12pm," before continuing, "and Sir Frank will be coming to your offices. He would like to have a look around the factory and then have a meeting. Lunch won't be required." Gulp.

In the two hours that followed floors were swept, benches cleared and socks pulled up in 
time for one of Formula 1's greatest team owners to receive a tour. Winner of 113 grands prix (this 
was pre-Pastor Maldonado of course), seven drivers' and nine constructors' titles, and the man who tackled tetraplegia with a determination which made the challenge of Formula 1 appear utterly inconsequential, was in quiet, polite, slightly terrifying form.

I recall a moment when, Transformers style, his wheelchair elevated him to full standing position. I sat there, looking up. Frank apologised: "I need to do this every 20 minutes or so. For the circulation."

Williams is now sold to BCE Limited, a fund managed by the New York-based Dorilton Capital private investment company, for the sum of £137m in a transaction announced 12 weeks after the team hung out the 'For Sale' sign. While Claire Williams was happy to confirm that BCE has nothing to do with one Bernard Charles Ecclestone, Dorilton does represent the investment office of a well-connected European family.

Founded in 2009 by former Rothschild's bankers Matthew Savage (above, centre) and Darren Fultz, Dorilton invests its client's funds in medium-sized, profitable businesses. Williams ticked both those boxes until very recently, its losses the exception rather than the rule.

What does this mean for the team?

First off, it means that Williams will continue in Formula 1, Sir Frank's legacy intact. The press release was quick to state both the team name and car nomenclature would remain unchanged, as would the team's Oxfordshire location. Clearly the new owners understand the value of the name and the achievements associated with it.

PLUS: Why Williams' sale means the end of an era for F1

Attention will also be paid to Williams Advanced Engineering, the majority of which was sold last December to private equity company EMK Capital. That deal looked a little hasty, the family silver being sold off

Secondly, the announcement explained that some of the money would be used to pay off debts, leaving a shade over £100m to be distributed among the team's shareholders, including majority owner Sir Frank, co-founder Patrick Head, American healthcare entrepreneur Brad Hollinger and Mercedes' Toto Wolff.

While some have suggested the sale price seems low, in simple terms Dorilton hit a number Frank, his family and shareholders were happy with. Change will follow (indeed it already has), as the new owners evaluate the people, facilities and opportunities for growth - a key characteristic of Dorilton's investments to date.

Attention will also be paid to Williams Advanced Engineering, the majority of which was sold last December to private equity company EMK Capital. That deal looked a little hasty, the family silver being sold off. As a result, EMK and Dorilton have some talking to do since they find themselves partners in the one bit of Williams that had been growing regardless.

The newly-signed Concorde Agreement and budget cap have undoubtedly played their part in giving Dorilton the confidence to do this deal. Expect it to focus on making Williams a player once again, McLaren style, recognising that profitability and growth for any F1 business is invariably linked to on-track performance.

Points means prizes, something Sir Frank knows only too well, and it would be good to see a return to competitiveness for the team that has been his life's work. The people behind the Dorilton deal will want that too.