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.
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Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
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Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
