The Williams family will end its 43-year-old involvement in Formula One after the Italian Grand Prix this weekend, with Claire Williams stepping down as deputy team principal.
It was the end of an era last month when Williams announced the team had been sold to American private investment firm Dorilton Capital.
The team then on Thursday revealed Claire Williams will leave her role after the race in Monza on Sunday before stating that the family will no longer be involved in the sport.
Frank Williams founded the team in 1977 and the family have remained at the helm ever since, overseeing nine constructors' and seven drivers' world championships.
They have celebrated 114 grand prix victories over the last 43 years, competing in 739 races, but will step aside following the recent takeover.
Claire Williams, who joined the team 18 years ago and took her current role in 2013, 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.
"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.
"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.
"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."
Matthew Savage, chairman of Dorilton Capital and Williams Grand Prix Engineering, said: "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.
"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."