Dorilton Capital, a New York-based investment firm has purchased Formula 1 franchise, Williams. The sale reported underwent for $200 million.
A New Era for the Formula 1 Fave
The Williams Formula 1 team announced on Friday, via its website, that William Racing had been sold to Dorilton Capital. The new owners have been welcomed this week and are seemingly looking forward to the long-term success of the Formula 1 franchise. The deal which has been reported to be for around $200 million, comes after what the Formula 1 team has called ‘a strategic review of its options’. The review follows a new era headed by the Formula 1 leaders which features team budget caps and a change in the sport’s competitive package in 2022. Deputy principal Claire Williams said that ‘the strategic review was a useful process to go through and proved that both Formula 1 and Williams have credibility and value’. She went on to say: ‘”We have now reached a conclusion and we are delighted that Dorilton are the new owners of the team. When we started this process, we wanted to find a partner who shared the same passion and values, who recognized the team’s potential and who could unlock its power.’
Online Announcement of Formula 1 Deal
The Williams Formula 1 team posted on their website to show their enthusiasm for the deal. According to their online announcement, the deal with Dorilton Capital “received the unanimous support of the Board of Williams, including Sir Frank (Williams), who determined the transaction delivers the best outcome for the Company’s shareholders and secures the long-term success of the Williams Formula 1 team.”
Although the Williams Formula 1 team is based in the UK, with its headquarters in Grove, the New York-based investment firm does not wish to uproot or relocate the team.