Formula One team Williams has sold a minority stake in the outfit to an Austrian investment company led by businessman Toto Wolff.
Sir Frank Williams and Patrick Head have been sole co-owners of the team since they formed it in 1977.
Amateur racer Wolff has purchased a stake in the team but Williams, who claims to have “never taken any money out of the business in 40 years”, has denied speculation that his eventual aim is to sell the outfit entirely.
“I have no intention of stopping my involvement in this company or of ceasing my Formula 1 activities,” said Williams.
“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.” Sky Sports
The team boss said he had “never taken any money out of the business in 40 years” but was conscious of his advancing age, adding the sale would provide funds for his private finances.
“I’m 67, I am not going to live forever, and I want to take care of my private needs,” Williams said. “The sale is entirely for private reasons—its time I paid a few bills.”
Williams said he intended to stay on as head of the F1 team as long as possible.
Asked when he might retire, he replied: “I have got no idea. Formula One is my life. As long as I am mentally and physically healthy I will continue.” Mercury News
Williams said the sale would change nothing in the day-to-day running of the team and he and Head would remain as involved as ever.
“We are all just going to get on with our party,” he said. “I have absolutely no reason at this time of my life, career or health, to want to stop work.
Williams said Wolff was a “very shrewd businessman” with strong contacts that could be useful for future sponsorships.
“We are going to get too old to do this one day, I’d rather not rush into anything at the last minute but prepare the step right now,” added the boss.
“I love what I do and having a great life.” New York Times
