Williams sell a minority stake in their F1 team

Williams insists he intends to remain fully involved in his team's set-up

Frank Williams has sold a minority stake in his multi-championship Formula 1 team, but insists he has no intention of relinquishing control of the outfit.

Williams and co-founder Patrick Head, who held 65% and 35% respectively prior to the sale, sold to an investment company led by Austrian Toto Wolff.

Wolff is a 37-year-old private equity investor with motor racing background.

"This is not the beginning of a progressive disposal of equity by the owners," said a spokesman.

Williams, whose team have won nine constructors' titles and seven drivers' championships since Williams Grand Prix Engineering was founded in 1977, said he simply felt the time had come to release some equity.

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"I'm 67 and I'm not going to live forever," he said. "I've never taken any money out of the company. Time is getting on a little bit... but I have no intention of losing control of this company or ceasing my F1 activities."

Williams added that the sale would not change the day-to-day running of the team.