Williams Racing have been acquired by Dorilton Capital to conclude a financial restructure undertaken by the team since May.
This announcement comes months after Williams announced a strategic review following serious financial losses in recent years, especially as the F1 team’s competitiveness declined.
Dorilton Capital is based in USA with investments in various businesses across industrial, health and manufacturing sectors, although Williams are the first motorsport team to receive investment from Dorilton.
Speaking on Dorilton Capital’s investment, Matthew Savage who is the company’s chairman said; “We are delighted to have invested in Williams and we are extremely exited by the prospects for the business.”
Savage also described Dorilton Capital as having a “… flexible and patient investment style, which will allow the team to focus on its objective of returning to the front of the grid.”
Dorilton will carry out “a detailed review of the business to determine in which areas new investment should be directed.”
Williams Chief Executive Officer (CEO), Mike O’ Driscoll described this investment as “exciting”, saying; “The transaction announced today marks the next stage in the history of Williams Formula 1 at an exciting time in the sport.”
O’ Driscoll also confirmed that Dorilton’s investment has brought a near three month strategic review to a successful conclusion that can deliver a great result for shareholders whilst securing Williams’ long-term future.
This sale approved the support of board of Williams, including from team owner, Sir Frank Williams given the positive impact of the deal on the team.
Williams’ Deputy Team Principal, Claire Williams spoke about the benefits of their strategic review, saying; “The Strategic Review was a useful process to go through and proved that both Formula One and Williams have credibility and value.”
On Dorilton Capital’s investment, Williams stated that she was “delighted” to have Dorilton become the team’s new owners because they fitted their preference for being a company with “same passion and values, who recognised the team’s potential and who could unlock its power.”
This sale however brings about an end of an era for Williams as a family owned team, although Williams admitted that “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.”
Williams concluded by thanking everyone for their commitment, saying; “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.”