Mercedes GP chief Toto Wolff has sold its remaining stake in Williams Grand Prix. Getty

Austrian entrepreneur Toto Wolff has confirmed the sale of his remaining stake in Formula One team Williams Grand Prix Holdings (WGPH), with his shares being purchased by US healthcare executive Brad Hollinger.

In a statement released on Wednesday (9 March), Wolff, who first invested in WGPH in 2009, said the sale was the culmination of a long-term plan agreed with Daimler AG when he became a managing partner of Mercedes-Benz Grand Prix Ltd in 2013.

"Williams was my first investment in Formula One bringing together my passion for racing and for business, and so cutting my final business ties to Sir Frank [Williams] and to the team is a huge moment for me," said Wolff.

Two years after purchasing a stake in the Oxfordshire-based group, Wolff and the company's management launched the group's initial public offering and became the first Formula One team to do so.

Williams' founder Sir Frank Williams said Wolff's decision to sell up his stake in the company was inevitable given his commitments with Mercedes-Benz Grand Prix. The 44-year-old Austrian owns a 30% stake in the Germany company and, as head of Motorsport, has led the team to two consecutive Drivers' and Constructors' Championships over the last two seasons.

"In Brad Hollinger, Toto has sold his full shareholding to a highly successful businessman with an immense passion for Formula One and our team – he is a great asset," he added.