Williams F1 team on pole for Frankfurt listing

By The Newsroom
Published 8th Feb 2011, 21:00 BST
Updated 9th Feb 2011, 20:15 BST
MOTOR racing outfit Williams F1 unveiled details of its drive for a stock market listing yesterday in a move that could value the company at up to £243 million.

The firm, whose AT&T Williams team finished sixth in the Formula One constructors' championships last year, plans to sell 27 per cent of its shares on the Frankfurt stock exchange.

The move is not designed to raise money for the team, which has not won a Formula One race since 2004, as the shares being sold mainly belong to co-founder Patrick Head.

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Williams revealed the shares will be priced between €24 and €29, valuing the firm at between €236.6m (201m) and €285.9m.

Chairman Adam Parr said the move will allow Head and its other major shareholder and co-founder, Sir Frank Williams, to plan their retirement and will provide stability for the firm.

He said Williams had chosen the Frankfurt stock market because its requirements for corporate governance "works for us because we have some strict confidentiality rules".

The company, whose drivers this year will be Brazilian Rubens Barrichello and Venezuelan Pastor Maldonado, stressed that Williams will remain in charge for the foreseeable future.