When Dorilton Capital purchased Williams in the middle of the COVID pandemic, Formula 1 was in a completely different place. So was Williams.
Dorilton's chairman, Matthew Savage, spearheaded the purchase of the Williams F1 team for around $200million back then. Five years on, it's valued at around $2.5billion. And Savage insists it's not for sale.
"This has always been a long-term investment for us," Savage tells The Race co-founder Darren Cox in an exclusive interview at the Williams Heritage Centre.
"We recognised it would be a long road...it was always a 10- to 20- to 30-year investment horizon for us, and we're still on that pathway."
That patience is being tested by suitors. Savage says he fields calls something like twice a week from parties keen to buy in - institutional investors, high-net-worth families, and the occasional car manufacturer - drawn by a sport he believes now sits alongside the NFL, NBA, Premier League football and Indian Premier League cricket as one of global sport's five biggest league properties.
In Savage's words, Williams was "up against the wall" in terms of finances, which made for a daunting prospect. He says that 154 teams have folded across F1's history.
Without the F1 cost cap - which was ratified in the Concorde Agreement just days before Williams announced the buyout - Dorilton's takeover might never have happened.
Savage estimates the gap between a midfield team such as Williams and the big spenders once ran to roughly $5bn over a decade - a deficit no amount of investment could realistically close. The cap, he reasons, did narrow the field: at certain tracks last season the grid was covered by under a second.
Off the track, another deficit was laid bare. Williams was lacking "basic processes and systems", and Savage says that it wasn't even immediately clear what the F1 car cost to build.
He estimates around two-thirds of a modern F1 team's revenue comes from partnerships, forcing Williams to compete for sponsorship dollars not just with rival teams but with Goliaths from franchises often in other sports.
But the one thing that has stayed the same is Williams's identity. Savage says he was adamant about keeping the team's name, regardless of who was to run it. It was a commitment he made directly to then team principal Claire Williams.
The performance is still unworthy of such an illustrious team - Williams is currently eighth in this year's standings with just 11 points - but Savage and Dorilton are hoping it returns to some sort of form. With constructors' points comes sponsorship.
"If you're in the top three, or Mercedes right now, you're structuring five-year-plus deals at top dollar," he says.
On valuation, Savage sees further upside. With NFL and NBA franchises trading at 10-12 times revenue against roughly seven or eight for F1 teams currently, he expects Williams and its rivals to close that gap in the future.
The on-track performance rears its head repeatedly - and, ultimately, The Race Business asks: how many championships does Savage expect Williams to win in the next six years?
Savage's reply? "Great question. Two."
Listen to the latest, honest, and exclusive, 'In Conversation With...' podcast from The Race Business in which Dorilton Capital chairman Matthew Savage uncovers the business strategy behind transforming the Williams F1 Team, laying bare the team's fortunes then and now.
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Reviewed by PAK DERAMA
on
July 15, 2026
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