Williams F1 team shareholder Brad Hollinger becomes a director

Hollinger increased his shareholding to 15 per cent following the purchase of shares previously owned by Mercedes motorsport boss Toto Wolff last month.

The American healthcare entrepreneur is now the second largest shareholder in the team behind owner Sir Frank Williams.

Hollinger joins Nick Rose and Eddie Charlton as the company's third non-executive director and has been appointed for a three-year term.

Williams CEO Mike O'Driscoll said: "Brad is extremely knowledgeable about Formula 1 and as a long-time fan of Williams has a tremendous passion for our team.

"His appointment adds to what is a very strong team of non-executive directors who provide the company and our shareholders with the highest standards of leadership and governance."

Hollinger added: "I have tremendous faith in the potential of this business - both as a competitive Formula 1 team and diversified advanced engineering business.

"It is for this reason that I have invested in Williams over the past two years.

"I look forward to working with my colleagues on the board to continue growing Williams and help the business fulfil its potential both on and off the race track."

Hollinger became a shareholder in 2014, when Wolff sold him five per cent of his original holding.

He acquired another five per cent last February before securing the final tranche last month.