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Daimler motorsport boss sells stake in Williams F1

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Daimler motorsport boss sells stake in Williams F1

American company Vibra Healthcare, headed by US executive Brad Hollinger has acquired a 5% share stake of the Williams Formula 1 team that previously belonged to Mercedes-Benz motorsport boss Toto Wolff.

According to the Austrian executive, the chairman and chief executive of Vibra has also kept open the option to purchase more of the stake owned by Wolff, which aims to cease a conflict of interest.

“It was always the plan to reduce the shareholding in Williams towards a level that is clearly a financial investment,” said Wolff. “This was important to Daimler for conflict of interest reasons and for compliance reasons. But it was quite a task to find somebody who was good for the company, who was good for the family, and who had the spirit I had when I joined Williams as a financial investor,” he added.

Wolff was, until January last year, the executive director at Williams and his wife served as the team’s development driver – and after joining Mercedes-Benz, the ruling F1 team today, committed to selling his shares – with the provision of ding it only after finding somebody that Williams would accept.

Hollinger was quoted by the autosport.com as saying that he invested in the world of Formula One because he thought the racing series was “right on the cusp of another explosive growth path”.

Via Reuters

by Aurel Niculescu (my Google+) - Monday, June 23rd, 2014 - filed under Mercedes-Benz, Motorsport, News. Image credit: .
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