LONDON: The historic Williams Formula 1 team was bought by US investment firm Dorilton Capital, ending 43 years of family ownership, as announced on Friday.
Founded in 1977 by Frank Williams and Patrick Head, Williams has won nine constructors ‘titles and seven drivers’ titles, most recently in 1997 by Canadian Jacques Villeneuve.
They were forced to look for new investments when the Williams Grand Prix Holdings group reported an adjusted loss of £ 13 million ($ 17 million) for 2019 in May.
They made the losses largely due to the impact of the coronavirus pandemic after making a profit of £ 12.9 million in 2018.
“This may be the end of an era for Williams as a family-owned team, but we know it’s in good hands,” said Claire Williams, deputy team principal and daughter of Frank, in a statement.
“The sale ensures the survival of the team, but above all it will pave the way to success.”
As Williams’ financial fortune took a hit, so did her on-track performance.
In 2015 they even took third place in the constructors’ championship, but slipped to last place last year.
It’s quite a contrast to the glory years in the 90s, when greats like Nigel Mansell, Alain Prost and Damon Hill were crowned world champions in their glory.
Matthew Savage, Chairman of Dorilton Capital, believes his company’s new investment and patient approach will usher in a shift in their performance on the track.
“We believe that our flexible and patient investment style makes us the ideal partner for the company, allowing the team to focus on its goal of getting back to the top of the web,” he said.
Williams said the new investment, coupled with the new Concorde deal that all teams signed earlier this week, puts the team in a good position.
In the new Concorde agreement on Wednesday, all 10 Formula 1 teams agreed on a decisive five-year contract from 2021, which guarantees the “sustainable” future of motorsport and is intended to usher in a new era of narrower and more unpredictable racing.
“This marks the beginning of an exciting new era in the history of Williams,” said the team statement.
“The one with its new owner is well positioned to benefit from the far-reaching rule changes that will come into Formula 1 with the new Concorde deal.”
While Claire Williams ran the day-to-day business, Frank remained the director, but his close friend and former Formula 1 supremo Bernie Ecclestone said this was the problem.
“The problem was that Frank was practically leading the team,” he told AFP in June when he was also looking for a buyer for the team.
“Unfortunately, the current management doesn’t have the same status as Frank. He could get things done.”