And if they want to make money out of their investment, they will probably also invest additional money into the team... The Investment company needs Williams to perform in order to make a profit.NOBS wrote:Usually, takeover by a FI is not good news for a company. The only intention they have is to make money.
F1 teams r not making any profit in the current set-up; hope the situation will improve with the new agreement.
It would have been a sadder day if they'd not found a buyer for the team, as I doubt the team would have been able to limp on much longer. This is a fresh start for the team, hopefully the new owners will invest in new talent that can produce a decent car for 2022 and the prize money sharing in the new Concorde agreement should improve things a bit as well. Unless you've got buckets of cash then it's incredibly difficult if not impossible to be an independent F1 team. I'd guess the first thing they'll be doing is getting an outside consultant in to review the team's internal structures and make changes where they are needed. My sister works for the team, she had no idea what was going on and even if she did she wouldn't tell me. The loyalty to Sir Frank is still strong, even if he's not around as much as he used to be.Lynx wrote: ↑21 Aug 2020, 16:56It's a sad day for the sport really. With all the money involved not to be able to support all 10 teams sufficiently. I've been supporting Williams for the last 14 years because they remained the last of old school, family run F1 businesses. I hoped they could swim against the flow and succeed. And they actually did between '14 and '17. However in the last 3 years a perfect storm of events hit the team, started by hiring of Paddy Lowe and finished by Corona crisis.
I hope the new owners leave Frank and Claire in commercial / marketing positions and take over "only" operational running of the team.
Williams F1 team had a minority stake in Williams advanced engineering, and that stake was also sold to Dorington.
Williams Hybrid Power was sold to GKN in 2014 but the deal included included future payments based on sales of products using WHP technology, so presumably Dorilton has effectively acquired the rights to whatever payments come from that agreemetPlatinumZealot wrote: ↑22 Aug 2020, 15:07Williams F1 team had a minority stake in Williams advanced engineering, and that stake was also sold to Dorington.
I'm not sure about the hybrid company but I think it likely have been sold too..
Lotus102 wrote: ↑02 Sep 2020, 23:03Williams Hybrid Power was sold to GKN in 2014 but the deal included included future payments based on sales of products using WHP technology, so presumably Dorilton has effectively acquired the rights to whatever payments come from that agreemetPlatinumZealot wrote: ↑22 Aug 2020, 15:07Williams F1 team had a minority stake in Williams advanced engineering, and that stake was also sold to Dorington.
I'm not sure about the hybrid company but I think it likely have been sold too..
Williams Racing wrote:This weekend’s Italian Grand Prix at Monza will mark the final race for the Williams family in Formula One. After 43 years and 739 Grands Prix, the family is set to leave the sport following the recent change in ownership to Dorilton Capital.
Sir Frank and Claire have ensured the family have remained at the helm of the team since the first race on 8th May 1977 at the Circuito de Jarama in Spain. The team has been through many periods of triumph and adversity but has always navigated them as a family. Williams has won 114 Grands Prix, taken 128 pole positions and secured 133 fastest laps, culminating in nine Constructors’ and seven Drivers’ World Championships. It is the third longest standing team in the history of the sport and one of the most successful.
The recent conclusion of the Strategic Review process and consequent sale of Williams Grand Prix Engineering to US-based investment firm, Dorilton Capital ensures the long-term future of the Williams Formula One team and provides a timely point at which the Williams family have chosen to exit the sport.
Claire Williams OBE, Deputy Team Principal: “With the future of the team now secured, this feels like the appropriate time for us to step away from the sport. As a family, we have always prioritised Williams. We have demonstrated that by our recent actions with the Strategic Review process and we believe now is the right time to hand over the reins and give the new owners the opportunity to take the team into the future.
“We have been in this sport for more than four decades. We are incredibly proud of our track record and the legacy we leave behind. We have always been in it for the love of it, for the pure pleasure of going motor racing, so this is not a decision that we have taken lightly but after much reflection and as a family.
“We are greatly appreciative of Dorilton’s encouragement to continue, but in them we know the team will be in good hands and the Williams name will live on. This may be the end of an era for Williams as a family-run team, but it is the beginning of a new era for Williams Racing and we wish them much success in the future.
“On behalf of Frank and the Williams family, I would like to say how incredibly grateful and humbled we are for the support we have enjoyed over the years, from our friends in the paddock to the many fans around the world. But mostly, we would like to thank our team. People who have worked at Williams in the past and present. They are the true warriors of this team and have made it what it is and we wish them well. Formula One has been our life for so long and now it’s time for a new chapter in our lives to begin.”
Matthew Savage, Chairman of Dorilton Capital and Williams Grand Prix Engineering, said: “We fully respect the very tough decision of Claire and the Williams family to step away from the team and the business after securing new resources for its future. Claire’s achievement in sustaining Williams Racing’s heritage, relevance and commitment to innovation in a difficult environment since taking charge in 2013 has been nothing short of monumental. She has also been hugely instrumental in shaping a more level technical and financial playing field for F1, which will help to ensure the team’s return to the front of the grid in seasons to come. We are proud to carry the Williams name into the next exciting phase for the sport and we thank Sir Frank, Claire and the Williams family for the opportunity to be part of this great British brand.”
Vettel just bought Mansell's FW14-B and looks like he'll have some free time
