Sir Frank Williams says the arrival of Toto Wolff as a shareholder in Williams should not be taken as a sign that he is starting to relinquish control of his team.
Williams announced on Friday that Austrian businessman - and occasional racing driver - Wolff had taken a minority share in the team alongside founder Williams and engineering chief Patrick Head.
The squad had previously refused any approaches to buy equity, but Williams said this move helped ensure the team's long-term future - though it did not mean he was intending to step back.
"I’m not getting any younger, I’m 67," Williams said.
"I have no intention of losing control of this company or ceasing any of my Formula 1 activities, but I would prefer to be prepared for when Patrick and I are not here and not to leave it until the last minute.
"This situation means that the future of this company is assured for our partners and our workforce, who are all very loyal.
"Nothing changes - I will continue with my role.
"I cannot stress enough that Toto is a minority shareholder and that the company is still entirely within my control and that is not going to change.
"Formula 1 is my life, I love what I do and I don’t want to change that so long as I am mentally and physically healthy to do so, but we all welcome the contribution of experience, success and vitality I am sure he will bring to Williams."
He added that he also had "private motives" for selling the shares to Wolff.
"Patrick and I have never taken a penny out of the business in four decades and it’s time I paid a few bills!" he joked.
Williams is confident that 37-year-old Wolff's arrival will be very positive for the team.
"Toto is a very shrewd business man," he said.
"He has created and owned several businesses and sold them on for a profit.
"What is most impressive is how young he is.
"He is a very clever man."