Grove: Williams have been bought by an American-based investment firm after being put up for sale in May, the British team said on Friday.
The team will continue to race under the Williams name and remain at its English base in Oxfordshire.
Williams have won seven drivers' championships and nine constructors' titles since entering the F1 grid in 1977. However, the last of those came with Jacques Villeneuve behind the wheel in 1997 and it is hoped fresh investment from Dorilton Capital can get the team back toward the front of the grid.
"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 team principal Claire Williams, whose father, Frank, founded the team. "The sale ensures the team's survival but most importantly will provide a path to success."
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 has been designed to ensure a more level-playing field in the future.