Williams F1 team announces takeover by US investment firm Dorilton Capital

Williams has announced that its Formula 1 team has been sold to American private investment firm Dorilton Capital, but will retain its identity and name

Williams F1 team announces takeover by US investment firm Dorilton Capital

Williams confirmed back in May that it was considering a partial or full sale of its F1 team in a bid to ease financial pressures, and that it was undergoing a strategic review of the best action to safeguard its future.

The team had suffered a downturn in revenues in recent years after slumping to the bottom of the F1 constructors' championship in each of the past two seasons.

In a statement issued on Friday, Williams confirmed it had been bought out by Dorilton Capital in a move that brings "a successful conclusion to the Strategic Review which was launched in late May."

Dorilton Capital is a New York-based private investment firm that has involvement in sectors such as healthcare, engineering and manufacturing.

The sale of Williams Racing to Dorilton Capital received "unanimous support" from the company's board, including team founder Sir Frank Williams, and "secures the long-term success of the Williams Formula 1 team".

PLUS: Why the optimism is real for Williams' latest fresh start

The announcement confirmed there are no plans to change the name of the team or the chassis, with the new owner recognising "the importance of respecting and retaining Williams' heritage".

There are also no plans to relocate the team from its existing base at Grove in Oxfordshire.

"The Strategic Review was a useful process to go through and proved that both Formula One and Williams have credibility and value," said Williams deputy team principal Claire Williams.

"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.

"People who understand the sport and what it takes to be successful. People who respect the team's legacy and will do everything to ensure it succeeds in the future.

"This may be the end of an era for Williams as a family owned team, but we know it is in good hands. The sale ensures the team's survival but most importantly will provide a path to success.

"We are enormously grateful to Dorilton for the faith they have shown in our team and we look forward to working with them now.

"I would also like to thank the Williams Board and our advisers who have worked tirelessly over the past months to make this happen and our employees who have remained steadfastly loyal."

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," said Savage.

"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 as a boost to Williams' future prospects after recent financial uncertainty stemming from its on-track struggles, with the COVID-19 pandemic also set to have a large commercial impact.

While the team remains at the bottom of the F1 constructors' championship, it has enjoyed an upturn in performance so far this season.

George Russell and Nicholas Latifi have regularly fought with lower-midfield rivals Haas and Alfa Romeo, marking a significant step forward from the team's 2019 form.

shares
comments
Raikkonen, Ricciardo expect Vettel to bounce back at Ferrari
Previous article

Raikkonen, Ricciardo expect Vettel to bounce back at Ferrari

Next article

Vandoorne "ready to do a good job" as F1 reserve driver

Vandoorne "ready to do a good job" as F1 reserve driver
Load comments
The historic clues that offer hints of Hamilton’s next move Plus

The historic clues that offer hints of Hamilton’s next move

OPINION: Uncertainty over Lewis Hamilton's future has persisted since the race direction call that denied him an eighth world title in Abu Dhabi last month. But while walking away would be understandable, Hamilton has time and again responded well in the face of adversity and possesses all the tools needed to bounce back stronger than ever

Formula 1
Jan 26, 2022
What the FIA must do to restore F1’s credibility Plus

What the FIA must do to restore F1’s credibility

OPINION: The first stage of the 2022 Formula 1 pre-season is just over a month away, but the championship is still reeling from the controversial results of last year’s finale. The FIA acknowledges F1 has had its reputation dented as a result, so here’s how it could go about putting things right

Formula 1
Jan 25, 2022
The six F1 subplots to watch in 2022 as a new era begins Plus

The six F1 subplots to watch in 2022 as a new era begins

As Formula 1 prepares to begin a new era of technical regulations in 2022, Autosport picks out six other key elements to follow this season

Formula 1
Jan 24, 2022
Why newly-retired Raikkonen won't miss F1 Plus

Why newly-retired Raikkonen won't miss F1

After 349 grand prix starts, 46 fastest laps, 21 wins and one world championship, Kimi Raikkonen has finally called time on his F1 career. In an exclusive interview with Autosport on the eve of his final race, he explains his loathing of paddock politics and reflects on how motorsport has changed over the past two decades

Formula 1
Jan 23, 2022
Unpacking the technical changes behind F1 2022's rules shakeup Plus

Unpacking the technical changes behind F1 2022's rules shakeup

Formula 1 cars will look very different this year as the long-awaited fresh rules finally arrive with the stated aim of improving its quality of racing. Autosport breaks down what the return of 'ground effect' aerodynamics - and a flurry of other changes besides - means for the teams, and what fans can expect

Formula 1
Jan 21, 2022
Why new era F1 is still dogged by its old world problems Plus

Why new era F1 is still dogged by its old world problems

OPINION: The 2022 Formula 1 season is just weeks away from getting underway. But instead of focusing on what is to come, the attention still remains on what has been – not least the Abu Dhabi title decider controversy. That, plus other key talking points, must be resolved to allow the series to warmly welcome in its new era

Formula 1
Jan 20, 2022
The Schumacher trait that will give Haas hope in F1 2022 Plus

The Schumacher trait that will give Haas hope in F1 2022

Mick Schumacher’s knack of improving during his second season in a championship was a trademark of his junior formula career, so his progress during his rookie Formula 1 campaign with Haas was encouraging. His target now will be to turn that improvement into results as the team hopes to reap the rewards of sacrificing development in 2021

Formula 1
Jan 19, 2022
The “glorified taxi” driver central to F1’s continued safety push Plus

The “glorified taxi” driver central to F1’s continued safety push

As the driver of Formula 1’s medical car, Alan van der Merwe’s job is to wait – and hope his skills aren’t needed. JAMES NEWBOLD hears from F1’s lesser-known stalwarts

Formula 1
Jan 15, 2022