US-based investment firm Dorilton Capital acquires Williams F1 team

They are the third most successful constructor in the sport's history.

Former Formula One champions Williams have been bought by US-based private investment firm Dorilton Capital, which put an end to the family-owned team.

Williams were formed by Sir Frank Williams in 1977 and participated in an F1 race for the first time at the Spanish Grand Prix the same year. They are the third-most successful constructor in the sport's history, but were put up for sale in May, as they haven't been able to give tough competition to the big guns for a long time.

They have 114 wins and 16 titles, which includes nine constructors' titles and seven drivers' championships, the most recent coming through Canadian Jacques Villeneuve in 1997. Williams haven't won a race since 2012.

"Dorilton Capital is known for its long-term approach to investment and its key focus will be to restore the competitiveness of the team. This marks the beginning of an exciting new era in the history of Williams, which with its new owner, is now well-positioned to capitalise upon the sweeping rule changes coming into Formula One with the new Concorde Agreement," they said in a statement. 

"This Transaction received the unanimous support of the board, including Sir Frank, who is determined the transaction delivers the best outcome for the Company’s shareholders and secures the long-term success of the Williams Formula One team." 

The team will continue to race and compete under the Williams brand, with the chassis name remaining unchanged. Dorilton also have no plans to relocate the team from their Grove headquarters in England.

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Deputy Team Principal Claire Williams said, "As a family, we have always put our team first. Making the team successful again and protecting our people has been at the heart of this process from the start. 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." 

Williams finished in last position in 2019 and haven't been able to register any improvements this year as well, as they are in the last position after six races so far. The team also suffered huge losses due to their bad performances on the track and the ongoing coronavirus pandemic.