Frank Williams and Patrick Head have sold a minority share in the Williams F1 Team to an investment company, led by Austrian Toto Wolff. A short press release on Friday morning confirmed the news, although no details on the purchase were confirmed.

Christian 'Toto' Wolff founded Marchsixteen Invesements in 2004, and today's news is the first time Frank and Patrick have sold a share in their company, having been the sole owners since the foundation of the team in 1977. Vienna-born Wolff has a history in motorsport, having competed in various championships since 1992 as an amatuer racer. He has raced in Austrian Formula Ford, endurance touring car racing, GT racing and rallying.

Wolff also becomes a board member of Williams F1.