Baku, August 22, AZERTAC
Former Formula One champions Williams announced their sale to U.S.-based private investment firm Dorilton Capital on Friday, a deal that marked the end of an era for the struggling family-owned team, according to Reuters.
They will continue to race under the Williams brand and remain at their Grove headquarters in England, the statement added.
It said the deal for Williams Racing was supported unanimously by the board, including 78-year-old co-founder Frank Williams, and would secure the long-term success of the struggling team.
“This may be the end of an era for Williams as a family owned team, but we know it is in good hands,” said deputy principal Claire Williams, Frank’s daughter.
“The sale ensures the team’s survival but most importantly will provide a path to success.”
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