“For some years I have been considering how to secure the long-term ownership of Williams such that it will remain true to the aims with which Patrick and I established the team back in 1977,” Williams began his statement.
“My goal then was to race in Formula One as an independent Constructor. (...) It is also my desire that the team is in good shape to go on racing long after I am gone. To that end, it is prudent and necessary to plan for an ownership structure that will enable Williams to be an independent Constructor, owned and staffed by people committed to Formula One and to the sound business practices which have supported us over three decades.”
“I have concluded that the option which will best achieve this is to broaden our shareholder base with public shareholders, while having a stable core of long-term investors closely involved in the running of the team. This will ensure stability, good governance and will, I believe, enable us to attract and retain the best people and partners.”
However, while announcing that the possibility of selling shares to the public is being closely examined, the 68-year old made one thing certain. “Regardless of whatever steps we take, I shall remain the majority and controlling shareholder and the team principal,” he insisted.
Echoing the statements of his boss, the team's chairman Adam Parr argued this is the best solution to secure the survival of the team in F1 and denied the move has anything to do with Sir Frank Williams' health or potential retirement thoughts.
“No. Frank's health is absolutely fine,” insisted Parr.