Sir Frank Williams will no longer be involved in Formula One after it was announced that one of the sport’s best-known families are stepping aside.

Claire Williams, who has acted as the de facto boss of the British team since 2013, revealed she will be departing her role as deputy team principal.

Williams, winners of 16 drivers’ and constructors’ world championships, were sold last month to US investment firm Dorilton Capital.

The Williams name will leave the sport after this weekend’s Italian Grand Prix.

“After 43 years and 739 Grands Prix, the family is set to leave the sport following the recent change in ownership to Dorilton Capital,” the statement said.

The identity of the team’s replacements are yet to be confirmed.

“With the future of the team now secured, this feels like the appropriate time for us to step away from the sport,” Claire Williams said.

“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…

“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.”

Sir Frank Williams, 78, founded the team in 1977, while his daughter Claire, 44, was placed in charge of its day-to-day running seven years ago.

Williams enjoyed great success in the 1980s and 1990s but have won just one race in the past 16 years.

They have finished bottom of the constructors’ championship for the past two seasons, and are without a point in 2020.