Formula 1 team Williams have been bought by US-based investment firm Dorilton Capital.

Williams, who were put up for sale in May, will still race under the same name and remain at their English base.

"This is the end of an era for Williams as a family-owned team, but we know it is in good hands," deputy team principal Claire Williams said.

"It ensures the team's survival but importantly provides a path to success."

A statement from the F1 team added: "This marks the beginning of an exciting new era in the history of Williams, which with its new owner is well positioned to capitalise upon the sweeping rule changes coming into Formula 1 with the new Concorde Agreement."

Founded in 1977 by Sir Frank Williams and Sir Patrick Head, Williams have won nine constructors' titles and seven drivers' championships, the most recent coming through Canadian Jacques Villeneuve in 1997.