Bernie Ecclestone supports Williams’ plans for stock market flotation – Formula 1 news
According to some recent reports, it has been revealed that Williams were planning for a flotation on the stock market and it seems that Bernie Ecclestone, Formula 1 supremo, has decided to back them up on this matter.
Williams revealed that their shares will be priced at 24-29 Euros.
The team has not revealed a lot of details about their flotation plan but they are expected to hold a press conference in London soon.
This is the first time that a Formula 1 team would go to the stock market but Bernie Ecclestone believes that the team is doing the right thing and Frank Williams, the boss of team Williams made the right decision.
“I have known Frank Williams for more than 40 years. 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 said.
The team signed Pastor Maldonado as a replacement for Nico Hulkenberg for the 2011 Formula 1 season and it is believed that they signed the young Venezuelan mainly because of the fact that he was bringing a sponsor, PDVSA, which is an oil company in his
country. It is expected that Williams will get a major backing from the company in 2011.
Williams revealed that they are not facing any financial problems as their accounts are in good health with almost three years of profits in the bag. It is believed that they have a cash balance of 24.8 million dollars and they have a fully secured sponsorship
budget for the upcoming season.
Nevertheless, Bernie believes that Frank Williams is aware of what he is doing and he knows what is right for his team.
“He (Frank Williams) has supported Formula 1 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,” Bernie added.
The team’s chairman Adam Parr stated that the team has spent the last couple of years just to make sure that they secure a bright long-term future in the sport and he believes that this is the right time to ensure the team’s future as an independent constructor.
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