OXFORD, England (AP) -Formula One team Williams announced Friday it has sold a minority stake in the team to an Austrian investment firm.
Team principal Sir Frank Williams and co-founder Patrick Head have been sole owners of the team since its creation in 1977, but now have agreed to sell an unstated percentage of the team to an investment firm headed by former racing driver Toto Wolff.
Wolff's investment firms Marchfifteen and Marchsixteen were previously involved in financing companies involved in rally and touring car racing.
Wolff used to race in Formula Ford in Austria and Germany, plus GT and touring car racing. He co-owns a management company with ex-Formula One champion Mika Hakkinen.
