Patrick Head talks to Frank Williams during a grand prix practice session. The pair co-founded the team, which is due to be listed on the Frankfurt stock exchange, in 1977.
Formula One supremo Bernie Ecclestone has thrown his support behind the Williams team’s plans to float on the stock market.
Williams F1 announced on Wednesday that it had launched an initial public offering (IPO) of almost 30% of its shares on the Frankfurt Stock Exchange. The company is offering the majority of co-founder Patrick Head's stake at a price of between £20 and £24 per share, valuing Williams Grand Prix Holdings at approximately £225 million.
Williams F1 is the first Formula One team to list on a stock exchange, but co-founder Sir Frank Williams will retain his position as majority shareholder and team principal.
“I have known Frank Williams for more than 40 years,” Ecclestone told Autosport. “He has always run a very efficient organisation. He has never wanted to be taken over by either a car manufacturer or a large company.”
Ecclestone added: “He has supported Formula One 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.”
Team chairman Adam Parr said: “We have spent the past few years working to ensure a long-term future for the sport. Having accomplished this, the time is now right to assure Williams' own future as an independent constructor, in this rapidly evolving industry.”
Read More
http://www.sportbusiness.com/news/183008/ecclestone-backs-williams-f1-flotation
Williams F1 announced on Wednesday that it had launched an initial public offering (IPO) of almost 30% of its shares on the Frankfurt Stock Exchange. The company is offering the majority of co-founder Patrick Head's stake at a price of between £20 and £24 per share, valuing Williams Grand Prix Holdings at approximately £225 million.
Williams F1 is the first Formula One team to list on a stock exchange, but co-founder Sir Frank Williams will retain his position as majority shareholder and team principal.
“I have known Frank Williams for more than 40 years,” Ecclestone told Autosport. “He has always run a very efficient organisation. He has never wanted to be taken over by either a car manufacturer or a large company.”
Ecclestone added: “He has supported Formula One 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.”
Team chairman Adam Parr said: “We have spent the past few years working to ensure a long-term future for the sport. Having accomplished this, the time is now right to assure Williams' own future as an independent constructor, in this rapidly evolving industry.”
Read More
http://www.sportbusiness.com/news/183008/ecclestone-backs-williams-f1-flotation
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