Toto Wolff, new Williams F1 shareholder & board member

Frank Williams and Patrick Head announced today that they have sold a minority interest in Williams Grand Prix Engineering Limited (Williams F1) to an investment company led by Austrian investor Toto Wolff. Mr Wolff also joins the company’s Board.

At the same time however, Frank Williams stressed that the team is still his and that he will continue to in charge of its operations: "The company is still entirely within my control and that is not going to change, Formula One is my life."

Williams and business partner Patrick Head claim the transaction to be a good way to inject money into the team, instead of a takeover: "Nothing changes. I will continue with my role. I have a keen interest in the team’s sponsorships and I work on that with my people on the commercial side of the business. Patrick and I are here every day and we will continue to be so."

"I have no desire at this time in my life to want to stop work. The sale is entirely for private motives. Patrick and I have never taken a penny out of the business in four decades and it’s time I paid a few bills."

Sir Williams did however admit being aware of his age, 67. He said that the deal secures the future of the company, assuring partners and the workforce "who are all very loyal".

Christian 'Toto' Wolff on the other hand is a 37-year-old businessman, financial manager and professional investor with a string of successful companies to his name. He told Autosport that his investment was a strategic decision based on the shift in F1 away from manufacturers and towards independent teams.

“With recent pull-outs of manufacturers from F1 the value of privateer teams will increase. Overall, I expect the value of F1 to rise again. Therefore this is a commercial decision,” he said.

As motor sport enthusiast, he set up a driver management company with F1 champion Mika Häkkinen in 2002. He first raced in Austrian Formula Ford in 2002 and was runner-up in the Austrian Rally Championship four years later.

The exact shareholding sold to Mr Wolff has not been disclosed, but it is more than 10 per cent and less than 49. The balance of shares between the two original founders remains unchanged.