Former Formula One champions Williams have been sold to US-based investment firm Dorilton Capital, they team announced on Friday.
It marked the end of an era for the family-owned entity. The team 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."
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Hamilton wins in Spain
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There were no financial details given or word about who would run the team, according to Reuters. Williams are the third most successful constructor in the F1 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 the coronavirus 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.