Williams F1 announced details of next month’s flotation on the Frankfurt Stock Exchange yesterday, valuing what will become the first publicly traded Formula One team at €265 million.
The British outfit, F1‘s third-most successful team but without a championship since 1997, said an initial public offering of a 27.39 percent stake in the company was on offer at between €24 and €29 per share.
“This IPO marks a new era in the history of our team,” principal and co-founder Frank Williams said. “Our future as an independent constructor is sustained by this listing, providing us the base from which to further grow.”
Williams, who will remain the majority and controlling shareholder, opted for the flotation after losing a number of sponsors in 2010.
But despite its recent lack of success, Williams said it has made a profit in each of the past three years. It has secured sponsorship for the 2011 season starting with the March 13 Bahrain Grand Prix, where the experienced Rubens Barrichello and newcomer Pastor Maldonado will drive.
“I have known Frank Williams for more than 40 years,” Formula One chief Bernie Ecclestone said. “If I could buy shares in the company, I would.”
Only Ferrari and McLaren beat Williams’ record of seven drivers’ titles, nine constructors’ championships and 113 victories in 565 races. But it hasn’t won a GP since Brazil in 2004 and finished sixth in last season’s constructors’ championship.
“We have spent the past few years working to ensure a long-term future for the sport,” Williams chairman Adam Parr said. “Having accomplished this, the time is now right to ensure Williams’ own future as an independent constructor.”
The shares on sale on March 2 include a majority of the stake owned by Patrick Head, who founded the team with Williams in 1977.
“Williams has always run a very efficient organisation,” Ecclestone said. “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.”