Peter Winsor reports that Toto Wolff has reacquired a five percent stake in his former team Williams, amid the team’s financial struggles.
Last week Williams announced it was open to offers from investors interested in buying a minority or majority stake in the company, or even a full takeover of the outfit.
Mercedes Team Principal Toto Wolff, who previously invested in Williams in 2009, reportedly reacquired a five percent stake in the company.
“It’s nice to see that yesterday the head of Mercedes Toto Wolff bought a five percent stake in Williams F1,” reported F1 journalist Peter Windsor.
“For the first time in a long time, the team can begin to move in the right direction.
“Mercedes has pointed out that it is a Security and thus technically not a ‘buy-back’. A Security is a first-priority interest in favour of the Security Agent in respect of all of the shares in such an Owner.”
Wolff got his start in Formula 1 with Williams in 2009 and helped launch the team on the Frankfurt Stock Exchange two years into his tenure. He remained a Williams shareholder until 2016, when he sold back the remainder of his shares. On the day when the sale was announced Wolff made an emotional statement.
“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 the Austrian.
“Having entered the team from a pure investment perspective, I soon found myself in a much more active role, helping to restructure this great independent Formula 1 team.
“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.
“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.”
However, it appears Wolff will again play a part in Williams’ story.