F1 team Williams Chair Sir Frank Williams and Dir of Engineering Patrick Head are "expected to share as much" as $94M (all figures U.S.) by "cashing in their shares in an upcoming flotation of their grand prix team on the Frankfurt stock exchange," according to Andrew Clark of the GUARDIAN. The Williams team is valued at about $361.5M, with individual shares costing between $32 and $40. Williams is "offloading 640,000 shares in the flotation which will make him" up to $24.6M, "although he will keep control of the business by hanging onto a majority stake of 50.3%." Head is "selling a larger chunk" of his 1.77 million shares, generating $70M. The portion of shares available to the public will be 27.4%. Williams "opted to float in Germany to avoid regulations in London that would have required the disclosure of details of the team's television fees, prize money and commercial arrangements." Also, in an "attempt to lure money from motor-racing enthusiasts," the Williams team is "offering VIP membership of a 'Williams owners' club' to investors who buy more than 1%, giving them hospitality in the team paddock, access to garages at races and tests and an annual dinner" with Williams, directors and drivers (GUARDIAN, 2/10). The WALL STREET JOURNAL's Harriet Torry reported the Williams team "won't raise any new money by listing in Germany as existing investors will be selling shares, but it hopes that it will attract a wider investor base in a country famed for providing Formula 1 champion drivers and technology from some of the world's leading automotive firms" (WSJ.com, 2/9).
IN OTHER NEWS: The FINANCIAL TIMES' Roger Blitz notes Fiat CEO Sergio Marchionne last month "discussed the possibility of selling a stake in Ferrari to outside investors, although he said there were no active discussions" (FINANCIAL TIMES, 2/10).
