OFFICIAL: Williams sell stake in F1 team to Austrian investment firm

[Giuseppe F1]

Williams sells stake in team

By Jonathan Noble Friday, November 20th 2009, 08:48 GMT

Frank Williams and Patrick Head have sold an equity stake in their Formula 1 team to an Austrian investment company.
http://www.autosport.com/news/report.php/id/80242
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Williams and Head have been the sole co-owners of Williams since it was formed in 1977 - and there has long been resistance to selling off a part of the company despite frequent speculation linking the team with numerous manufacturers.

However, Williams announced on Friday that a deal has been reached with an Austrian investment company led by investor Toto Wolff for him to have shares in the team. He will also sit on the company's board.

As well as his business activities, Wolff is a part-time racer – having competed in recent years in the FIA GT championship and the Austrian Rally Championship – in which he finished runner-up last year.

Frank Williams is expected to speak later today about the motivation behind the selling of shares.













http://en.f1-live.com/f1/en/headlines/news/detail/091120100821.shtml
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Williams sell stake in team

20/11/09 10:08


Frank Williams and Patrick Head have sold a stake in their Grove-based Formula One team to an Austrian investment firm.

Williams Grand Prix Engineering was formed in 1977 by Williams and Head and today’s announcement marks the first time that the duo have given up equity in the team.

The investment firm is headed up by Toto Wolff, who takes a position on the company’s board.

Wolff has previously raced in the FIA GT championship and worked in driver management with Mika Hakkinen.
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E.A. © CAPSIS International

[V12]

The last time Williams sold to an Austrian* guy named Wolf**, things didn't go too well for him did they?

*Austro-Canadian
**sic

[Saint Devote]

The last time Williams sold to an Austrian* guy named Wolf**, things didn't go too well for him did they?

*Austro-Canadian
**sic

The circumstances were different.

It is ironic that this guy is named "Wolff" albeit different spelling!!! - last time Walter Wolf.

I hope WITH this "Wolff" they have the same success that "Wolf" had in his first year WITHOUT the Williams team.

[christophulus]

An interesting move. Wolff appears to have something to do with engine manufacture and has links with Mercedes.


The decision to do a deal with Wolff would seem to indicate that Williams is involved in some kind of engine project, perhaps initially a badging deal with Cosworth. It is a good time to be getting into that area of the sport as there are plenty of people and intellectual property floating about, particularly in Germany, where BMW and Toyota have both stopped their F1 projects in recent months, providing a good opportunity for new engine companies to enter the sport if they have money available. Eiether that or Williams is after a Mercedes-Benz engine supply deal in 2011 and this seems a good way to get it. But that is giving away a lot to become a customer

http://joesaward.wordpress.com/2009/11/20/williams-sells-shares-to-wolff/

Combine this with the Williams KERS system they developed, and the link up with the Qatar science park.. and I still have no idea what's going on. Hopefully more will become clear later today.