American Brad Hollinger increases stake in Williams up to 10 percent

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American healthcare executive Brad Hollinger has taken on a greater share of ownership in Williams Martini Racing, upping his involvement from 5 percent up to 10 percent, per reports.

Hollinger bought his first 5 percent of shares from Toto Wolff last June. A remaining 10 percent was up still to be sold by Wolff, now the head of Mercedes-Benz motorsport, with Hollinger now acquiring 5 more percent.

Hollinger told Reuters he is “never in business not to make money,” and hailed the financial potential of Formula 1 as he said it was “on the cusp of another major explosion.”

Overall, Sir Frank Williams still holds majority investment in the team with 52 percent ownership.

Williams co-founder Patrick Head and Hollinger now have 10 apiece, with Wolff at his 5 percent and 3 percent going to an employee trust. Some 20 percent is listed on the Frankfurt Stock Exchange.

Hollinger, of Mechanicsburg, Pa., is founder and CEO of The Hollinger Group and Vibra Healthcare.

NEOM McLaren Formula E announces Jake Hughes will join Rene Rast for 2023 season

McLaren Formula E Hughes
McLaren Racing
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Doubling down on their commitment to electric auto sports, McLaren Racing announced Jake Hughes will join Rene Rast to compete in the 2023 Formula E Series (FE), which completes their driver lineup.

The NEOM McLaren FE team was formed by the acquisition of the Mercedes-EQ Formula E team that won the 2021 and 2022 championships with Stoffel Vandoorne and Nyck de Vries behind the wheel.

“Today’s announcement feels like a long time coming,” said Ian James, managing director of NEOM McLaren Electric Racing in a release. “Since May this year, when we first announced McLaren Racing’s entry into Formula E, we have been working tirelessly to get in place the best possible team and structure for sustainable success.

“On the one hand, we have been working on the retention of the amazing talent that already was in place before going into the transitional phase. I’m proud to say I think we’ve done a great job on that front.

“On the other hand, we have been focusing on putting in place new processes and new talent – and the latter includes the drivers.”

The driver lineup clasps the two hands together.

Hughes brings 10 years racing experience in single seater cars, including a role with the acquired Mercedes-EQ team as a reserve and development driver for the past two seasons. He is the 2013 BRDC Formula 4 champion and has multiple wins in Formula 2, including two in 2020.

Announced in August, Rast joins the team after earning two podium finishes and six top-fives in 22 career Formula E starts for Audi Sport ABT before returning to the DTM Series last year. Rast’s best finish in Formula E came in the Puebla E Prix when he finished second to teammate Lucas di Grassi by less than a half second.

McLaren’s commitment to Formula E comes one year after they entered the Extreme E rally series in 2022 with Tanner Foust and Emma Gilmour in the driver lineup. After a modest start to the season, the McLaren XE drivers crossed the finish line first in Round 4 in Chile, but were assessed a time penalty that dropped them to fifth. Last week in the season finale in Uruguay, they held onto a hard-earned second place finish.