The Williams family is to step aside from the day-to-day operations of the team following this weekend's Italian Grand Prix.

Late last month it was announced the historic racing outfit had been sold to American investment firm Dorilton Capital at the end of a Strategic Review to secure its financial future, ending the family's ownership after 43 years.

That immediately led to questions over the future of Claire Williams, who has been running the team since taking over from her father Sir Frank Williams back in 2013.

In Belgium, she said the situation would remain in the status quo regarding her position, but now just a week later, that has changed.

“With the future of the team now secured, this feels like the appropriate time for us to step away from the sport," Claire said in a statement on Thursday.

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"As a family, we have always prioritised Williams. We have demonstrated that by our recent actions with the Strategic Review process and we believe now is the right time to hand over the reins and give the new owners the opportunity to take the team into the future.

“We have been in this sport for more than four decades. We are incredibly proud of our track record and the legacy we leave behind.

"We have always been in it for the love of it, for the pure pleasure of going motor racing, so this is not a decision that we have taken lightly but after much reflection and as a family.

“We are greatly appreciative of Dorilton’s encouragement to continue, but in them, we know the team will be in good hands and the Williams name will live on. This may be the end of an era for Williams as a family-run team, but it is the beginning of a new era for Williams Racing and we wish them much success in the future."

Willams then ended her statement with this thank you to those who have been associated with the teams over the past 43 years.

“On behalf of Frank and the Williams family, I would like to say how incredibly grateful and humbled we are for the support we have enjoyed over the years, from our friends in the paddock to the many fans around the world," she said.

"But mostly, we would like to thank our team. People who have worked at Williams in the past and present. They are the true warriors of this team and have made it what it is and we wish them well.

"Formula One has been our life for so long and now it’s time for a new chapter in our lives to begin.”

As for the team's new owners, Williams was confident Dorilton have the ability to revive their fortunes on track, having slipped to the back of the grid in recent years.

"We've found some new brilliant owners for this team who are incredibly passionate about Formula 1, about seeing Williams return back to the front of the grid," she told Sky Sports.

"They've got the financial power in order to take it there. This is a good day for Williams. Yes, it's a new dawn, it's a new era, the Williams family no longer own it, but we've always done the right thing by this team.

"That's to look after our people and to make sure this team is successful - and that's exactly what we've done through this sale."

Matthew Savage, chairman of Dorilton Capital, accepted the family's decision and paid tribute to the legacy they leave behind.

“We fully respect the very tough decision of Claire and the Williams family to step away from the team and the business after securing new resources for its future," he said.

"Claire’s achievement in sustaining Williams Racing’s heritage, relevance and commitment to innovation in a difficult environment since taking charge in 2013 has been nothing short of monumental.

"She has also been hugely instrumental in shaping a more level technical and financial playing field for F1, which will help to ensure the team’s return to the front of the grid in seasons to come.

"We are proud to carry the Williams name into the next exciting phase for the sport and we thank Sir Frank, Claire and the Williams family for the opportunity to be part of this great British brand.”