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On Friday, the U.S.-based private investment firm Dorilton Capital bought the Formula One team Williams from the former champions. This was the end of an era for the family-owned team that was having trouble making it. The statement also said that they will keep racing under the Williams name and keep their headquarters in Grove, England.
It said that everyone on the board agreed with the deal for Williams Racing, including co-founder Frank Williams, who is 78 years old, and that it would help the struggling team in the long run. Claire Williams, Frank’s daughter, and the school’s deputy principal said, “This may be the end of an era for Williams as a family-owned team, but we know it’s in good hands.”
“The sale will keep the team going, but more importantly, it will give them a way to win.” Williams, whose current drivers are Briton George Russell and Canadian Nicholas Latifi, said in May that they were considering selling the team as part of a strategic review. There was no talk about money, and a spokeswoman could not say how the team will be run in the future.
On the other hand, Autonews360 website says that the company only works with businesses that have “strong management teams and a successful history and culture.” It said, “We are sure that our businesses should keep doing what has made them successful.” After Haas, Williams will be the second U.S.-owned team in a sport where the commercial rights holders, Liberty Media, based in Colorado, see North America as a key growth area.
With 114 wins and 16 championships, they are the third oldest and most successful builder in the history of the sport. But they haven’t won a race since 2012, and their last championship was in 1997 when Canadian Jacques Villeneuve was driving for them. In 1977, Williams Grand Prix Engineering was the name of the first team. In the 1980s and 1990s, the team was at its best because of champions Alan Jones, Keke Rosberg, Nelson Piquet, Nigel Mansell, Alain Prost, Damon Hill, and Jacques Villeneuve. Even though they used the same engines as champion Mercedes, the team finished last overall in 2019, and they are still last this year after going six races without a point.
The team’s finances have been hurt by poor performance on the track and the COVID-19 pandemic, which caused a lot of races to be canceled and kept the season from starting until last month. Now that all 10 teams have agreed to a new Concorde Agreement, the future looks better. With this agreement, both the big teams and the smaller private teams will get a fair share of the money and the playing field will be more level.
The team said in a statement that the new Concorde Agreement will change the sport and help Williams deal with problems it has had in the past as an independent builder. Chairman of Dorilton Matthew Savage was looking forward to working with Williams to do a thorough review of the business to figure out where to put new money. “We also know that Grove has world-class facilities, and there are no plans to move,” he said.
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