Vienna - Austrian investor Christian "Toto" Wolff has joined Williams as a minority stakeholder, the British Formula One team announced Friday.

The team did not disclose the size of Wolff's share but said that the 37-year-old financier is taking a seat on the team's board.

Toto Wolff, who lives in Switzerland, is himself a GT and rally racer.

Wolff said he bought the stake at a time when costs were falling under a resource restriction agreement for F1 teams, and when income was rising following the new Concorde Agreement between the teams and motorsport's ruling body.

"That's why this is exactly the right time to invest in a top team - which is part of Ecclestone's source of income," he said, referring to F1 chief Bernie Ecclestone.

Williams is starting next season with a new team of Rubens Barrichello of Brazil and German rookie Nico Huelkenberg. (dpa)