LONDON (REUTERS) - Former Formula One champions Williams have been sold to US-based private investment firm Dorilton Capital, they announced on Friday (Aug 21) with a statement that marked the end of an era for the family-owned team.

They will continue to race under the Williams brand and remain at their Grove headquarters in England, the statement added.

It said the deal for Williams Racing was supported unanimously by the board, including 78-year-old founder Frank Williams, and would secure the long-term success of the struggling team.

"This may be the end of an era for Williams as a family owned team, but we know it is in good hands," said deputy principal Claire Williams, Frank's daughter.

"The sale ensures the team's survival but most importantly will provide a path to success."

There were no financial details given or word about who would run the team.

Williams are the third most successful constructor in the sport's history, with 114 wins and 16 titles, but have not won a race since 2012.

They finished last overall in 2019 and are currently last this year after six races. The team's finances have suffered as a result of poor track performance and this year's Covid-19 pandemic.

Williams announced in May they were considering selling the team as part of a strategic review.

"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," said Dorilton chairman Matthew Savage.

"We also recognise the world class facilities at Grove and confirm that there are no plans to relocate."