Former Formula One champions Williams have been sold to U.S.-based private investment firm Dorilton Capital, they announced on Friday, marking 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 said, and 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. 

Deputy principal Claire Williams, Frank's daughter, is optimistic that the team, which has shown signs of improvement this season, can become competitive again under its new owners. 

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

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 at bottom this year after six races. The team's finances have suffered as a result of poor track performance and the ongoing COVID-19 pandemic. 

The announcement of the purchase comes in the week all 10 teams in F1 signed up to the new Concorde Agreement governing the sport, which runs from 2021-2025 and has been designed to ensure a more level-playing field in the future. 

(With input from agencies)