Williams insists equity sale will not change team
(GMM) Sir Frank Williams insists he has sold a minor portion of his Grove based team to pay some bills rather than wind down his involvement in formula one.
The independent British team, historically owned only by 67-year-old Williams and Patrick Head since its inception in 1977, announced this week that investors led by Austrian entrepreneur Tito Wolff, 37, have bought an undisclosed share.
"It is explicit that this is not the beginning of a progressive disposal of equity in the business by the owners," a team spokesman is quoted as saying in a Reuters news report.
Williams, who since 1986 has been confined to a wheelchair after a road car accident, said the decision does not indicate he wants to step back, but did refer to his advancing years.
"I'm not getting any younger," he said in an interview posted on the team's official website.
"I have no intention of losing control of this company or ceasing any of my formula one activities, but I would prefer to be prepared for when Patrick and I are not here and not to leave it until the last minute," Williams added.
Asked how the move will affect Williams, he answered: "Nothing changes. I will continue with my role. Patrick and I are here everyday 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!" said Williams.
He said Wolff will attend occasional board meetings but will probably have no role in sporting matters.
Williams added: "If he has an interesting opinion, he will certainly be listened to, of course."