Williams deputy team principal Claire Williams says making the Formula 1 team successful again and securing its future were central to its sale to Dorilton Capital.

It was announced on Friday morning that Williams has been sold to the U.S.-based private investment firm, taking on the F1 business, the remaining minority stake in Williams Advanced Engineering and all other trading assets and liabilities for €152 million ($179.5m). Williams sees the sale as the right deal at the right time, with F1’s new Concorde Agreement set to significantly level the playing field for teams from a financial point of view.

“The Strategic Review was a useful process to go through and proved that both Formula 1 and Williams have credibility and value,” Claire Williams said. “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 recognized 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.”

The current management team is expected to stay in place for now, with Dorilton’s company website stating it works “actively with existing management teams recognizing that long-term business success is the result of a team effort,” and reiterating that it prefers “to partner with incumbent management to create value over the long term.”

Williams has been a strong supporter of Liberty Media’s plans for F1 moving forward, especially the introduction of a budget cap that will come in at $145m next year. After a strong start to the hybrid era in 2014, the team has struggled in recent seasons, finishing at the bottom of the constructors’ championship in each of the last two seasons and currently sitting there again in 2020, having scored a total of eight points since the start of 2018.

All 10 teams signed up to the new Concorde Agreement this week, that features a more equitable distribution of revenues and protects the value of the existing teams by introducing a much higher new entry fee.