Ecclestone Supports Williams Market Flotation

Formula 1 supremo Bernie Ecclestone has backed Frank William's plan for a flotation on the stock market, a first for any team boss in the Great Circus. Earlier this week, the Grove based team revealed that the shares will begin at a price between EUR24 and EUR29, but a more thorough announcement will be made during the course of today.

It was recently hinted that in order for the team to make its flotation on the stick market, someone would have to give up a percentage in his share in the team. And that someone was allegedly Patrick Head, Williams' long-time team partner and engineering director, who freed no less than 22 percent of the team's shares – he used to own 27 percent – in order to make the flotation work.

According to the Reuters news agency, the Briton plans to hold the remaining 5 percent in the Grove based company until the day he retires.

And Ecclestone can't agree more with Williams' financial plan for the future, as he trusts the way the 68-year old has conducted his business in F1 for the past 40 years.

I have known Frank Williams for more than 40 years,” said Ecclestone, according to Autosport. “He has always run a very efficient organization. He has never wanted to be taken over by either a car manufacturer or a large company. He has supported Formula 1 in many ways most of his life, as has Patrick Head. We want more Franks and Patricks. If I could buy shares in the company I would.

Judging by the initial price of the shares, Williams F1 Team is currently worth in the vicinity of EUR 265 million.

The flotation move was made by Williams more than a year after he sold some shares in the team (undisclosed) to 37-year old Austrian private equity investor Toto Wolff. Back in 2009, when the deal was signed for “private reasons”, Williams insisted he remains in full control on his company.
If you liked the article, please follow us:  Google News icon Google News Youtube Instagram X (Twitter)

Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories