The Williams are stepping away from Williams Racing
The Williams family will leave the team founded by Sir Frank Williams more than 40 years ago after this weekend's Italian Grand Prix.
Sir Frank founded Williams in 1977 and turned it into one of the sport's most successful teams.
But after a series of difficult years, the team was sold to US investment group Dorilton Capital last month.
Williams and his daughter Claire, the deputy team principal, are stepping down.
The team have won nine constructors' championships and seven drivers' titles, and dominated large portions of the 1980s and 1990s.
But their last win at a Grand Prix was in 2012 and for the past two seasons they have finished last in the championship. Financial losses last year led to the Williams family seeking new investment, and that in turn has led to them leaving the team to make way for new management.
Claire Williams said: "With the future of the team now secured, this feels like the appropriate time for us to step away from the sport.
"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.
Its obviously been a tough few years for the team and the family, but I give credit for their perseverance to get back to the pack on the track, while also negotiating their own exit strategy.
@Eephus and others here who have followed the sport longer than I have will probably see this as more significant - but even for me, it feels a bit like a loss to see them leave the sport.