Mercedes-Benz Motorsport boss Toto Wolff has sold his remaining five per cent stake in the Williams F1 Team to American healthcare executive Brad Hollinger.
Wolff first invested in Williams back in 2009, and admitted he was emotional releasing the shares in the team, but believes selling them to Hollinger is good for all parties, particularly for the team.
Wolff praised the whole Williams team for allowing him to be a part of its history, including founder Sir Frank Williams, and wished everyone within the legendary outfit the best.
“I am surprised how emotional I am about this day, to be cutting my final business ties to Sir Frank and to the team at Williams,” said Wolff.
“I am proud to have joined the sport with a team of true passionate racers, where we had to make spot-on decisions for the future of the business and its employees; I learned some lessons the hard way, but they were all valuable for understanding the industry.
“Today, I look back with pride on the first ever IPO of an F1 team in Frankfurt, and can see the next generation of the Williams family leading the team into a bright future.
“The plan to sell my stake was a long-term one agreed with Daimler in 2013 – but it was always important to find the right investor, who was doing it for the right reasons.
“Brad is that guy: he’s a serious businessman with the right long-term perspective about Williams and Formula One – and a true passion for racing. I wish him and everybody at Williams all the best for the future.
“I will always remember this period with thanks for the lessons I learned from Sir Frank and his team – it was a great privilege to be part of the Williams story.”