Toto Wolff, Executive Director of Mercedes AMG Petronas F1 Team, has sold a portion of his shareholding in rival outfit Williams to an American healthcare entrepreneur.
Wolff has held a 15% minority shareholding in Williams since 2009, but had put these on the market after he left the team and joined Mercedes’ works F1 outfit at the start of the 2013 season, were he acquired a 30% stake in the latter.
The sale of the shares was a directive by Mercedes’ parent company, Daimler, which was keen to avoid an ongoing ‘conflict of interest’ in Wolff being a shareholder of both a works and customer Mercedes team.
It is understood that Wolff has sold one-third of his Williams shareholding to Brad Hollinger, the Chairman and CEO of the Vibra Healthcare group, which specialises in long term acute healthcare and rehabilitation facilities across the United States. Hollinger has the option of acquiring the remainder of Wolff’s stake at the end of the year.
It is not known how much the transaction is worth. Williams team founder Sir Frank Williams remains the majority owner and controlling stakeholder in the team with a 52% shareholding.
Image via LAT
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