Williams sells stake but says: “I’m still the boss” 23/11/2009 |
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Frank Williams has sold a minority stake in his Formula One team for the first time in its history but insists he remains firmly in control.
The 67-year-old team principal and his co-founder Patrick Head have sold an undisclosed stake in the team – founded in 1977 and with nine constructors’ titles to its name – to an investment company led by Toto Wolff, an Austrian private equity investor with a motor racing background.
Williams said that he had made the sale for personal reasons but made it clear that he was not thinking of retiring.
He said: “I’m 67 and I’m not going to live forever. I’ve never taken any money out of the company and time is getting on a little bit, but I have no intention of losing control of this company or ceasing my Formula One activities.
“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. Speaking for myself, it’s time I paid a few bills, like my mortgage.”
Williams said that Wolff was a “very shrewd businessman” with strong contacts that could help with future sponsorship deals.
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