Williams recently came into some financial trouble and have been looking to either sell the team or find further investment into it. The team has announced that US Investment Firm Dorilton are to become the new owners of the Grove based team but they will carrying on in the championship under the same name.
Claire Williams Said:
"This marks the beginning of an exciting new era in the history of Williams, which with its new owner, is well positioned to capitalise upon the sweeping rule changes coming into Formula One with the new Concorde Agreement.
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 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.
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."
Matthew Savage, Dorilton's chairman, 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."