Before the start of the 1976 season, Canadian oil millionaire Walter Wolf bought 60% of Frank Williams Racing Cars and the team became Wolf–Williams Racing. However, Frank Williams was retained as team manager. Soon afterwards, Harvey Postlethwaite arrived as chief engineer. Simultaneously Wolf bought the assets of the Hesketh team that had recently withdrawn from F1. The team was based in the Williams facility at Reading but used most of the cars and equipment once owned by Hesketh Racing. The team inherited the Hesketh 308C car used by Hesketh Racing during the final races of 1975, rebranding it as the Wolf–Williams FW05 and the Williams FW04 was similarly rebranded as the Wolf–Williams FW04, although it was only used in the opening race of the season, the 1976 Brazilian Grand Prix.