Mercedes motorsport boss Toto Wolff has confirmed he has sold his remaining shares in the Williams Formula 1 team.
Wolff has long been a shareholder in the outfit since he purchased a 15 per cent stake back in 2009. Four years later he became involved with Mercedes and agreed to gradually reduce his interest in rival Williams.
The Austrian sold his remaining five per cent stake this week to American businessman Brad Hollinger, whose stake increases to 15 per cent after purchasing Wolff’s entire holding over the course of three seasons.
The Healthcare entrepreneur doesn’t have a formal management role at present, but that could change in the future with Williams chief executive officer Mike O’Driscoll welcoming Hollinger’s increased presence, saying he “would be delighted if he [Hollinger] could make a greater contribution to our business in the future.”
Co-founder Sir Frank Williams remains the majority shareholder in the team that bares his name with 52 per cent, whilst co-founder Sir Patrick Head holds around 9 per cent. Just over 20 per cent is listed on the Frankfurt Stock Exchange and the remainder held in an employee trust fund.
“Given his role at Mercedes-Benz, a full divestment in Toto’s shareholding became inevitable and we thank him for this judiciousness in only selling to a suitable buyer when the time was right,” said Williams.
“In Brad Hollinger, Toto has sold his full shareholding to a highly successful businessman with an immense passion for Formula 1 and our team – he is a great asset.”