Formula One racing team Williams has been bought by US-based investment firm Dorilton Capital in a deal that marks the end of an era for the family-run group.
The team will continue to race and compete under the Williams brand, and will remain at its base at Grove in Oxfordshire.
The deal received the unanimous support of the board, including 78-year-old founder Sir Frank Williams.
Claire Williams, deputy team principal and Frank’s daughter, said: “This may be the end of an era for Williams as a family owned team, but we know it is in good hands.
“The sale ensures the team’s survival but most importantly will provide a path to success.”
Williams was put up for sale in May as part of a strategic review of the struggling racing team.
Founded in 1977, Williams is one of the oldest teams in the sport and has racked up 16 titles. However, it has not won a race since 2012 and finished last in the 2019 season.
The team is also facing a strain on its finances due to its recent run of poor form and the impact of coronavirus, which led to a string of race cancellations.
Williams hailed the takeover as the start of an “exciting new era”, stating that its new owner was well positioned to capitalise on new changes in the sport.
All 10 Formula One teams this week signed up to the so-called Concorde Agreement, which is designed to spread revenue more evenly and level the playing field between private teams and their larger rivals.
“The new Concorde Agreement is set to transform the sport and will help address the historical challenges that Williams has faced as an independent constructor, by reducing the financial and on-track disparities between teams and creating a fairer, more competitive sport,” Williams said in a statement.
Dorilton Capital chairman Matthew Savage said: “We are delighted to have invested in Williams and we are extremely excited by the prospects for the business.
“We believe we are the ideal partner for the company due to our flexible and patient investment style, which will allow the team to focus on its objective of returning to the front of the grid.”