Formula 1: Williams Racing Team Purchased By US-Based Investment Firm

An American investment firm, Dorilton Capital, has officially taken over the ownership of Formula 1 Williams Racing Team on Friday. 

The British-owned racing team has been on sale since May and was faced with going into management before Dorilton snapped up the team. The US-based company assured the team that it will retain its name and will not be relocated from its traditional base in Grove, Oxfordshire. 

"This marks the beginning of an exciting new era in the history of Williams, which with its new owner, is well-positioned to capitalise upon the sweeping rule changes coming into Formula One with the new Concorde Agreement," the team said in a statement.

Concorde Agreement is a contract that is a legal document between the governing body FIA, Formula 1, and all the 10 racing teams that will be participating in the sport. It was first introduced into the sport in 1981. 

Amongst terms in the contract are the guidelines for the distribution of television revenues and prize money of F1 which will run until 2025. 

"This may be the end f an era for Williams as a family-owned team," said the team deputy principal Claire Williams. "But we know it is in good hands. The sale ensures the team's survival but most importantly will provide a path to success."