Despite the takeover of an investment company, the name Williams will remain
Photo:Bryn Lennon / dpa
The traditional English Formula 1 racing team Williams has been taken over by a US investment company. Dorilton Capital, based in New York, secured the team, as Williams announced. It remained unclear how large the stake in the company was acquired.
Williams has had significant financial problems for years, most recently worsened by the corona crisis. A new owner has now been found in Dorilton Capital, "who understands the sport and knows what it takes to be successful," said deputy team boss Claire Williams. The investor also respects "the legacy of the team," it said. The team's name and headquarters in Grove will remain.
The Formula 1 racing team was founded in 1977 by team boss Frank Williams, the father of Claire Williams, and Patrick Head. It has been under the control of the Williams family ever since. The team won the design engineer title a total of nine times. The last drivers' championship to date was won in 1997 by the Canadian Jacques Villeneuve.
"Beginning of an exciting era"
The team has not been consistently competitive for years, the last time a Williams driver took a podium position in 2017. Williams had slipped to the bottom of the starting field in recent years, this season the team is still without a championship point. The two talents George Russell (22) and Nicholas Latifi (25 years) are currently driving for the private team.
The takeover by the investment company should usher in a successful era. "Dorilton Capital is known for a long-term approach, the focus will be on the team's return to competitiveness," the statement said. "This is the beginning of an exciting era in Williams history."
From the coming season, Formula 1 will introduce an upper cost limit which, after years of dominance by Mercedes, Ferrari and Red Bull, should ensure balanced competition again. "The team is now in a good position to benefit from the upcoming Formula 1 rule changes," it said.
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