Williams Sells Share Of Team To Austrian Investor
Frank Williams and Patrick Head have both sold minority shares of their independent F1 team to an Austrian investment group headed up by businessman and amateur race driver Toto Wolff.
Williams denies that he will be leaving the reigns of the team that bears his name, instead focussing on the fact Wolff could bring plenty of sponsorship and good contacts to the team.
The amont sold is unknown and Toto Wolff was not decisive suggesting somewhere between 10 and 49%, we at TheF1Fanatics Blog reckon its closer to 10 than 49, so perhaps about 20%.
“I have no intention of stopping my involvement in this company or of ceasing my Formula 1 activities,” Williams said.
“I cannot stress highly enough that Toto is a minority shareholder. The company is still under my control and I will not relinquish control of the business until I go completely.
“It’s simply that I want to take care of one or two private needs. I’ve never taken a penny out of the business in 40 years and time is getting on a bit.”