Williams Sells Part of F1 Team after 3 Decades

Frank Williams

The unimaginable has finally happened! After more than three decades of total ownership of the Williams F1 Team, co-owners Frank Williams and Patrick Head sold an equity stake in their organization to an Austrian investment company.

The aforementioned company is being run by Austrian investor Toto Wolff, and the name of the organization buying into Williams shares is likely to be Marchsixteen Investments (which Wolff founded in 2004).

Therefore, after exactly 32 years of total independence in decision-making within his team, Williams will now have to learn how to cope with a 3rd partner in his organization. Wolff is also expected to stay at the company's board throughout its co-ownership of Williams F1 Team.

Williams' decision comes only a few weeks after the British team boss revealed to the media that one of the reasons why he chose to end his engine partnership with Toyota – before the Japanese company had announced its withdrawal from the sport – was because he wanted more independence in the decision-making process at Grove.

Williams is expected to hold a press conference later today and explain the reasoning behind this move.

As for Wolff, the Austrian investor is not a stranger from the motor racing world himself, as he did plenty of outings in the FIA GT championship in recent years. Also, he competed in the Austrian Rally Championship and currently holds the lap record at the famous Nurburgring Nordschleife, stopping the clock at 7:03 minutes earlier this year (driving a Porsche 997 RSR). His current girlfriend is DTM female driver Susie Stoddart.

In addition to that, he currently runs a management company with former F1 driver Mika Hakkinen, specialized in race drivers' management. Some other motor racing related investments of Wolff includes DTM outfit HWA AG and BRR Rallye Racing.

UPDATE

Frank Williams: "I have no intention of stopping my involvement in this company or of ceasing my Formula 1 activities. 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."

Toto Wolff: "My investment in Williams is a pure strategic decision. (...) I met with Sir Frank and Patrick (Head) in May for the first time. None 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. Because of contractual clauses I cannot reveal my share, but it is over 10 and below 49 percent."