Williams has announced that a minority interest of the team has been sold to an investment company headed by Austrian businessman and racer Christian ‘Toto’ Wolff, who also becomes a board member.
Although the exact percentage of the first ever shares sold by Williams has not been confirmed, team co-owners Sir Frank Williams and Patrick Head confirmed the deal with the 37-year-old Vienna man, who speaks five languages and is currently living in Switzerland.
Having studied at the Vienna University of Economics between 1990 and 1994, Wolff’s latest business move came by setting up Marchsixteen Investments in 2004. He also has motorsport experiences dating back to 1992 and three years ago was runner-up in the Austrian Rally Championship as well as being winner of the Dubai 24 Hours endurance event.
What’s the rationale behind selling equity in the team? Is Sir Frank or Patrick looking to bail out?