Wolff sells portion of Williams shares
20 June 2014 – Mercedes boss Toto Wolff has sold a stake of his Williams shares to an American healthcare entrepreneur.
Since joining Mercedes at the beginning of last year, Wolff had been looking to sell his 15 per cent share in Williams, and has now released a five per cent portion to Brad Hollinger, who heads up Vibra Healthcare.
Should he wish to do so, Hollinger has an option to take up the remaining 10 per cent later this year.
Wolff said the selling of his shares was vital to Mercedes' parent company, Daimler, for "conflict of interest" and "compliance" reasons, but says it took time to find somebody suitable for the Williams brand and family.
"I think Formula 1 is right on the cusp of another explosive growth path," Hollinger added of the agreement.
"I think it will create an opening for the US market and I would like to be involved in that process."
Founder Sir Frank Williams remains the majority owner of the team, holding a 52 per cent share.