Formula One supremo Bernie Ecclestone has given Williams' plans to float on the stock market the thumbs up.
After announcing plans to sell 27.39 per cent of the team on the Frankfurt Stock Exchange earlier this month, the Grove-based outfit revealed on Wednesday that the price range of shares would be between €24 and €29 each, valuing the company at around £250 million.
The team's co-founder Patrick Head confirmed to Reuters that he will sell the majority of his shares.
"We decided some time ago that a listing would be the best way to secure the future of the team. As we have no desire or need to raise money, that means that someone has to sell shares," said Head.
"I agreed to do most of that because Frank [Williams] wishes to remain in control of the team and to retain the majority of the equity. Christian Wolff invested only 15 months ago and is also very committed to the future of the team."
Ecclestone gave Williams' plans his full support.
"I have known Frank Williams for more than 40 years," he said in a statement released by the team. "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. 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."
Meanwhile, team principal Frank Williams said: "This IPO marks a new era in the history of our team. Our future as an independent constructor is sustained by this listing, providing us the base from which to further grow."
Credit: PlanetF1.com (www.planetf1.com)
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