The Williams Grand Prix Engineering Limited also known as Williams Racing in Formula One has been purchased by US-based investment firm Dorilton Capital, the company the company announced on Friday. The deal marks an end to 43 years of family ownership of Williams. The company, in a press release, stated said it will look forward to “restore the competitiveness of the team.” It added, “This marks the beginning of an exciting new era in the history of Williams.”

The team that was founded in 1977 by Frank Williams and Patrick Head, and has won nine constructors’ titles and seven drivers’ Championships. The last title for the team came in 1997 through Jacques Villeneuve.

The company has been looking for new investment since May when it reported an adjusted loss of 13 million pounds for the year 2019.

Claire Williams, deputy team principal of the team stated “this may be the end of an era for Williams as a family-owned team, but we know it is in good hands.”

She added, “The sale ensures the team’s survival but most importantly will provide a path to success.”

The team finished last in 2019 and has seen no improvement in the current season. 

Matthew Savage, the chairman of Dorilton Capital, however, said that the new investment and his company’s approach would bring a significant change in the performance

He added, “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.”