Williams F1 team considering IPO stock issue
Filed under: Motorsports, Earnings/Financials
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What's the best way to make a small fortune in Formula One? Arrive with a large one. Williams has another idea though, and it's a radical one in the field of motor racing: The British outfit may float shares on the stock market.
Williams insists the idea is being considered in order to secure a long-term future (as its team principals are some of the oldest on the grid) and not as an effort to raise funds in the short term. After selling part of the team to Austrian investor Toto Wollf, it suffered from the departure of a number of sponsors at the end of last season. But the team insists its budget is secure for the coming championship, having recently announced a deal with Venezuelan oil company PDVSA that followed the signing of Venezuelan driver and reigning GP2 champion Pastor Maldonado to replace Nico Hülkenberg for next season.
The Williams group consists of more than just the F1 team, encompassing Williams Grand Prix Engineering as well as the hybrid development business Porsche used for the 911 GT3 R Hybrid, the development and construction of the Formula 2 chassis and separate operations in Qatar, which would ostensibly all be part of the IPO if the company decides to go ahead with the move. At the moment, however, Frank Williams and company appear to be dipping their proverbial toes in the water. Follow the jump for the official statement.
[Source: Williams | Image: Glenn Dunbar/LAT/Williams]Continue reading Williams F1 team considering IPO stock issue
Williams F1 team considering IPO stock issue originally appeared on Autoblog on Mon, 24 Jan 2011 08:57:00 EST. Please see our terms for use of feeds.
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Rubens Barrichello tests the Williams FW32 with new Pirelli tires at Yas Marina Circuit in Abu Dhabi
What's the best way to make a small fortune in Formula One? Arrive with a large one. Williams has another idea though, and it's a radical one in the field of motor racing: The British outfit may float shares on the stock market.
Williams insists the idea is being considered in order to secure a long-term future (as its team principals are some of the oldest on the grid) and not as an effort to raise funds in the short term. After selling part of the team to Austrian investor Toto Wollf, it suffered from the departure of a number of sponsors at the end of last season. But the team insists its budget is secure for the coming championship, having recently announced a deal with Venezuelan oil company PDVSA that followed the signing of Venezuelan driver and reigning GP2 champion Pastor Maldonado to replace Nico Hülkenberg for next season.
The Williams group consists of more than just the F1 team, encompassing Williams Grand Prix Engineering as well as the hybrid development business Porsche used for the 911 GT3 R Hybrid, the development and construction of the Formula 2 chassis and separate operations in Qatar, which would ostensibly all be part of the IPO if the company decides to go ahead with the move. At the moment, however, Frank Williams and company appear to be dipping their proverbial toes in the water. Follow the jump for the official statement.
[Source: Williams | Image: Glenn Dunbar/LAT/Williams]Continue reading Williams F1 team considering IPO stock issue
Williams F1 team considering IPO stock issue originally appeared on Autoblog on Mon, 24 Jan 2011 08:57:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments
More...
