F1 Team Thinking About 'Going Public' With Stock Flotation
Ever wanted to own a piece of an F1 team? Unless you've got a few hundred million this might be difficult, until now. Management of the AT&T Williams F1 team is considering taking the company public.
"Williams F1 is considering a flotation on the stock exchange," Adam Parr, Chairman of Williams F1 said. "At this stage, all we have concluded is that it is the best way to secure the future of the team and its 450 employees."
In regards to whether a stock flotation would make it necessary to reveal confidential dealings with its partners, Parr did not seemed concerned.
"The team has always enjoyed honest and open relationships with its partners, the governing body of the sport and the commercial rights-holder," Parr commented. "Whether we are a public or private company, this will not change."
In 2010, Williams lost two major sponsors (RBS and Philips), but management said the change in ownership structure would be aimed at maintaining control of the team, rather than raising new funds.
"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," Frank Williams, Founder of Williams said. "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."
