Williams sells minority share of team
Williams has sold a stake of the team to an Austrian investment company
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By Darren Estwick. |  |
Friday, 20, Nov 2009 09:21
By Adam Leveridge
Frank Williams and Patrick Head have announced their decision to sell stakes in the Williams formula one team to an Austrian investment company.
Williams and Head have been co-owners of the Grove-based squad since the team was established in 1977.
After much resistance to selling off a share of the team, Williams has sold a stake to an Austrian company led by investor Christian 'Toto' Wolff, who will now sit as a member of the team's board.
It is believed that Wolff bought a share of between ten and 49 per cent and Williams has denied suggestions that he will be selling the team off completely.
"I have no intention of stopping my involvement in this company or of ceasing my F1 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."
Williams said that, while nothing will change at the team, Wolff's involvement could mark the beginning of new relationships with sponsors.
"Adam Parr, as our CEO, runs the business on a day-to-day basis," said Williams.
"I have a keen interest in the sponsorships of the team and work fairly extensively on that with all the other guys here. Patrick is still very involved, and comes in every day.
"Of course Toto is a very shrewd businessman and has created and invested in a number of businesses and sold them on for a profit, so him being involved in a benefit to everyone who supports the team, namely our partners and team members.
"Certainly he can be very useful in finding sponsors. It's an area where he can, I'm sure, be very active."
Wolff, who is an amateur race and rally driver and is involved in the management of upcoming racing drivers, said his decision to invest in Williams was purely a strategic decision as he expects the value of private F1 teams to rise.
"With recent pull-outs of manufacturers from F1 the value of privateer teams will increase," said Wolff.
"Overall, I expect the value of F1 to rise again, therefore this is a commercial decision..
"I met with Sir Frank and Patrick Head in May for the first time.
"No-one approached the other side deliberately, we just got together and started talking.
"Soon we realized to share opinions and agreed on the way we would go.
"I have full respect for the racer attitude in the team and the work of Adam Parr and Sam Michael.