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.