The historic Williams Formula One team has ended 43 years of family ownership after being bought by US investment firm Dorilton Capital.
The team was founded in 1977 by Frank Williams and Patrick Head. Williams won nine constructors' titles and seven drivers' championships, their last triumph coming in 1997 thanks to Canadian Jacques Villeneuve.
The writing was on the wall in May when Williams Grand Prix Holdings group reported a loss of £13 million (Dh62m) for 2019. The group blamed the coronavirus pandemic for the losses, having posted a £12.9m profit the previous year.
"This may be the end of an era for Williams as a family owned team, but we know it is in good hands," Claire Williams, deputy team principal and daughter of Frank, said in a statement.
"The sale ensures the team's survival but most importantly will provide a path to success."
Williams had been struggling on the track as well. They finished as high as third in the constructors' championship in 2015 but last year slipped to bottom, the same position they occupy this season.
Matthew Savage, chairman of Dorilton Capital, said the new investment and his company's philosophy will usher in a new era.
"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," he was quoted as saying by AFP.
Williams said the fresh investment, along with the new Concorde Agreement that all the teams signed earlier this week, put the team in a good position.
The new Concorde Agreement saw all 10 Formula One teams agree to a five-year commercial deal from 2021 which guarantees the motorsport's 'sustainable' future.
