Williams sells minority stake in F1 team

Reuters

STAKE: Frank Williams has sold a minority stake in his multiple championship-winning Formula One team.

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Frank Williams sold a minority stake in his multiple championship-winning Formula One team on Friday for the first time since he set up the company in 1977.

Despite the sale, which was made for personal reasons, the Briton vowed to remain firmly in control and said he had no thoughts of retirement.

The team said Williams and co-founder Patrick Head had sold shares to an investment company led by Austrian Toto Wolff, a 37-year-old private equity investor with a motor racing background.

Wolff, who founded his Marchsixteen investments in 2004, will join the Williams board. No financial details were given about the sale or the percentages involved.

"It is explicit that this is not the beginning of a progressive disposal of equity in the business by the owners," said a team spokesman.

Williams, whose team have won nine constructors' titles and seven drivers' championships since Williams Grand Prix Engineering was founded in 1977, said he simply felt the time had come to reap some of the rewards.

"I'm 67 and I'm not going to live forever," he said in a conference call.

"I've never taken any money out of the company," added Williams who has been paralysed from the neck down since a car accident in southern France in 1986.

"Time is getting on a little bit ... but I have no intention of losing control of this company or ceasing my Formula One activities."

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.

"The sale is entirely for private motives," he continued. "Speaking for myself it's time I paid a few bills. Like my mortgage."

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.

"The company is still totally under my control and ... until I go I will not relinquish it.

"Formula One is my life so long as I am mentally and physically healthy I will carry on doing it. I have no wish to do anything else, go anywhere or stay at home and read the papers," he said.

"I love what I do and having a great life."

Williams, who last won a race in 2004, finished last season seventh of the 10 teams. They have signed Brazilian Rubens Barrichello and German rookie Nico Hulkenberg for 2010.

- Reuters