F1 team Williams bought by American-based investment firm

F1 Williams team sold
Mario Renzi - Formula 1/Formula 1 via Getty Images
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GROVE, England — The F1 Williams team has been sold to an American-based investment firm after being put up for sale in May, the British team said Friday.

The team will continue to race under the Williams name and remain at its English base in Oxfordshire.

Williams has won seven drivers’ championships and nine constructors’ titles since entering the F1 grid in 1977. However, the last of those came with Jacques Villeneuve behind the wheel in 1997 and it is hoped fresh investment from Dorilton Capital can get the team back toward the front of the grid.

“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 team principal Claire Williams, whose father, Frank, founded the team. “The sale ensures the team’s survival but most importantly will provide a path to success.”

The announcement of the purchase comes in the week all 10 teams in F1 signed up to the new Concorde Agreement governing the sport, which has been designed to ensure a more level-playing field in the future.

In a statement three months ago, the Williams Grand Prix Holdings group confirmed exploring potential options include the sale of a minority or majority stake, as well as a total buy-out of the company.

The group reported reports a loss of $16 million for the year ending 2019. In the previous year, it made a profit of $15.9 million.

Santino Ferrucci will drive No. 14 for AJ Foyt Racing full time in 2023 IndyCar season

Santino Ferrucci AJ Foyt
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Santino Ferrucci will return to full-time racing in the NTT IndyCar Series next season, joining AJ Foyt Racing.

Ferrucci had made eight IndyCar starts with three teams since his last full-time season in 2020 while also racing part time in the NASCAR Xfinity Series this year.

He will drive the storied No. 14 Dallara-Chevrolet for four-time Indy 500 winner A.J. Foyt’s team, which will field the car from its Waller, Texas headquarters.

“It’s incredibly exciting to be back in the INDYCAR Series full time,” Ferrucci said in a team release. “Being a part-time driver over the last two years has been hard for me, personally. I’m a race car driver, and I want to compete. Working with different teams has been exciting, and I’m proud that no matter which car I’ve raced, I’ve always shown speed and consistency. I couldn’t be more excited to join AJ Foyt Racing in the 14 Chevy. I can’t wait to make the best of it.”

Ferrucci, 24, had finished a career-best fourth in IndyCar four times, including the 104th Indy 500 in 2020. He was the 2019 Indy 500 rookie of the year with a sixth.

In nine Xfinity starts since 2021, Ferrucci has a career-best finish of 13th at Las Vegas Motor Speedway.

“I am thrilled to welcome Santino to the team,” Larry Foyt said in a release. “He’s shown a knack for getting toward the front of the field, and I think he is a racer who moves forward on race day. A.J. sees the fire in him and has enjoyed their meetings together. I think Santino’s experience will help his rookie teammate as well, so he is a great addition to our roster.”

Ferrucci will be teamed at AJ Foyt Racing with Benjamin Pedersen, who finished fifth in the 2022 Indy Lights standings. The team has yet to specify the number for Pedersen’s entry, which will be fielded out of its Indianapolis race shop.

Foyt’s two full-time drivers last season were Dalton Kellett and Kyle Kirkwood, who is moving to Andretti Autosport.