Wolff sells more Williams shares to Hollinger
Mercedes motorsport boss Toto Wolff has offloaded a further five per cent of his Williams shares to American healthcare executive Brad Hollinger.
Wolff, formerly executive director at Williams before he joined Mercedes, held a 15 per cent stake in the Grove outfit, but sold five per cent in June of last year to Hollinger as part of a deal with Daimler (Mercedes parent) to reduce his holding in the rival team.
This further sale takes Hollinger's stake to 10 per cent. Wolff still holds five per cent and he said he has no plans to reduce that further.
"I have no plans to change it," he said during a media briefing attended by Hollinger and Williams chief executive Mike O'Driscoll.
Alongside that 15 per cent, co-founder Sir Patrick Head holds 10 per cent, Sir Frank Williams holds 52 per cent and 20 per cent is listed on the Frankfurt Stock Exchange. The remaining three per cent is held in a employee trust.
Speaking about his increased involvement in the team, Hollinger believes there are untapped opportunities to make money from the sport.
"I am never in business not to make money," he said. "I think there is a huge opportunity in Formula 1.
"It has not really tapped significantly the whole social media route in terms of streaming information out to the masses on whatever medium you might choose.
"Formula 1 has been incredibly successful despite the fact it has not really taken hold significantly in the US and I think the opportunity exists...I think the future is really bright in the United States."