Update | Williams sells team to Dorilton for reportedly 152 million euros
Breaking News
- GPblog.com
Williams have been acquired by Dorilton Capital. The amount involved in the acquisition is not yet known. It had been known for some time that the British race team were looking for investors or candidates who wanted to take over the entire team.
At the end of May, Williams began a Strategic Review. The Grove-based team felt forced to do so because of the disappointing results in Formula 1 over recent years and the financial setbacks. The process was successfully completed with the acquisition by Dorilton Capital.
Everyone at Williams very satisfied
In a press release, Williams says: 'Dorilton Capital is known for its long-term approach to investment and its key focus will be to restore the competitiveness of the team. This marks the beginning of an exciting new era in the history of Williams, which with its new owner, is now well positioned to capitalise upon the sweeping rule changes coming into Formula One with the new Concorde Agreement.'
Over the recent period, Williams have been extensively evaluating what options were possible for its future. There have been several talks with potential investors. Eventually, they decided to sell the shares to Dorilton Capital. 'This Transaction received the unanimous support of the Board of Williams, including Sir Frank, 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.'
Update | This is what Williams receives after selling to Dorilton
By now it is also known what Williams has earned by selling the team. According to information from the usually well imported Motorsport-Total.com, the deal is worth 152 million euros.