Team boss Sir Frank Williams has explained that full reasons for why he elected to sell part of his team will remain confidential; a minority interest of the former Champion squad has been sold off for the first time after he and co-owner Patrick Head made the joint decision.
An undisclosed amount of the Grove team has been sold to Austrian businessman and racer Christian ‘Toto’ Wolff, owner of Marchsixteen Investments and lap record holder of the notorious Nürburgring Nordschleife circuit in Germany.
"I’m 67 and I’m not going to live forever," Frank Williams explained to Reuters on Friday. "I’ve never taken any money out of the company. Time is getting on a little bit but I have no intention of losing control of this company or ceasing my Formula One activities."
Although part of the team’s ownership may no longer be his, Sir Frank intends to continue running the outfit in the same manner as beforehand. "We are all just going to get on with our party," the Englishman continued. "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."