It’s the dawn of a new era for Williams after the Formula 1 team announced they have been acquired by American investment firm Dorilton Capital…

The iconic British constructor, founded by Sir Frank Williams and Sir Patrick Head, said in May that they were embarking on a “new strategic direction”, and had begun talks with interested parties regarding a sale of a minority or majority stake in the company.

On Friday, nearly three months after they made that news public, the team said Dorilton Capital would be their new owners, marking “the beginning of an exciting new era in the history of Williams” with the team “now well positioned to capitalise upon the seeping rule changes coming into Formula 1 with the new Concorde Agreement” for 2021.

Importantly, the team said the private investment firm “recognises and appreciates the importance of respecting and retaining Williams’ heritage and culture and is committed to maintaining its identity”.

They added: “The team will continue to race and compete under the Williams brand, with the chassis name remaining unchanged. Dorilton has no plans to re-locate the team from Grove, its traditional home.”

The statement said the acquisition had “unanimous support from the Williams board, which includes Sir Frank Williams”.

Speaking on the day of the announcement, Deputy Team Principal Claire Williams said: “The Strategic Review was a useful process to go through and proved that both Formula One and Williams have credibility and value.

“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 recognised the team’s potential and who could unlock its power. In Dorilton we know we have found exactly that.

“People who understand the sport and what it takes to be successful. People who respect the team’s legacy and will do everything to ensure it succeeds in the future. As a family we have always put our team first. Making the team successful again and protecting our people has been at the heart of this process from start.

“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.

“We are enormously grateful to Dorilton for the faith they have shown in our team and we look forward to working with them now. I would also like to thank the Williams Board and our advisers who have worked tirelessly over the past months to make this happen and our employees who have remained steadfastly loyal.”

Chairman of Dorilton Capital 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.

“We look forward to working with the Williams team in carrying out a detailed review of the business to determine in which areas new investment should be directed. We also recognise the world class facilities at Grove and confirm that there are no plans to relocate.”