When Carlos Sainz took to the podium at the Azerbaijan Grand Prix last month, it marked a significant milestone for Williams Racing. This was the team’s first podium finish since 2017, underscoring a remarkable turnaround for a once-dominant force in Formula 1. The result is not just a trophy; it symbolizes the team’s revival after a prolonged period of underperformance and underinvestment.
Williams struggled for years, finishing at the bottom of the constructors’ championship for three consecutive seasons. In 2019, the team found itself adrift, unable to keep pace with competitors. The turning point came in 2020 when the team was acquired by Dorilton Capital, an American private investment firm. The decision to sell was difficult for the Williams family, but it ensured the team’s survival and future growth.
In a recent interview with The Athletic, Dorilton chairman Matthew Savage emphasized the firm’s commitment to revitalizing the storied name in motorsport. “We wanted to stay the course, really invest behind the name, bring it back to the front of the grid,” he stated. Dorilton’s approach involved recognizing that there would be no immediate transformation, but a long-term investment strategy.
Under Dorilton’s ownership, Williams has made significant strides, moving up to the midfield in Formula 1. James Vowles, the team’s principal since January 2023, noted that the journey is far from over. “We’ve come from a long way back, and we’re nowhere near finished on that journey,” he remarked. “We’re here to win.”
The concept of Williams aiming for victory seemed improbable just a few years ago. In 2020, the team ended the season without a single point. At that time, the cost of the Dorilton acquisition was estimated at $200 million, but Savage knew that further investment was crucial for competitiveness. Notably, rival teams like Mercedes, Red Bull, and Ferrari were spending as much as five times Williams’ annual budget of approximately $150 million.
The introduction of a cost cap in 2021, which limited spending to $145 million—and eventually $135 million in 2025—provided a crucial framework for Dorilton’s investment. Savage explained, “You’re dealing with a fixed budget, and you have to make sure that each dollar or pound you spend is the most effective way to spend that money.”
Fundamental changes were essential to reviving the team’s fortunes. These included implementing modern accounting software and moving away from outdated practices. The appointment of Vowles, who previously worked with Mercedes, was seen as a pivotal moment. His experience in the sport and clear vision for success resonated with Savage and the Dorilton board.
Savage acknowledged that he and Vowles have developed a close working relationship. “Every penny I’ve asked for, they’ve provided,” Vowles stated, highlighting the collaborative decision-making process that allows for swift action in the competitive environment of F1.
Initially, Dorilton considered a different strategy, potentially adopting a “B-team” model similar to Haas. This would have involved using more customer parts and a smaller workforce. However, the focus remained on building a competitive team rather than making a quick profit. “We could have made a nice turn if I wanted to flip it,” Savage said, referencing the potential gains from selling the team early.
Team valuations in Formula 1 have escalated dramatically. For instance, McLaren’s recent minority stake sale valued the team at over $4 billion. “I know that there’s a midfield team that received an offer in the low $2 billion range,” Savage added, indicating the rising interest in F1 franchises. Despite receiving numerous inquiries about potential investments or acquisitions, Savage affirmed that Dorilton has no intention of selling. “We don’t have a time horizon for exit. The intention is to hold this for the long-term,” he reiterated.
Beyond competitive performance, Dorilton is also committed to community engagement. The firm has launched a STEM program aimed at students aged eight to 18, funding school visits to the Williams factory. This initiative is expected to involve over 12,500 students this year, fostering interest in STEM careers, including opportunities in motorsport.
Looking ahead, the 2026 season is viewed as a critical juncture for Williams. With new car design regulations on the horizon, the team aims to capitalize on its recent investments and improvements. Savage has made it clear that while he is focused on steady progress, he does not wish to rush towards the end goal. “I’d like us just to focus on what we’re doing and take the next step and improve everywhere,” he said.
In the long term, Williams aspires to compete for championships rather than just individual races. “We’d like to win a whole Concorde Agreement of championships, not just one season,” Savage concluded. As Williams continues its journey back to the forefront of Formula 1, the team is committed to building on its rich heritage and meeting the challenges ahead with determination and strategic vision.
