Williams is considering floating its company on the stock market to secure the Formula One team's long-term future.
It is currently owned and run by majority shareholders Sir Frank Williams and Patrick Head, although Austrian Toto Wolff has held a 10% stake since 2009. There has been plenty of speculation about its financial health in recent months after it emerged it had lost several of its major sponsors for 2011. The team has always maintained its financial future is secure and insists any decision to move towards public flotation would be part of a long-term strategy.
Williams and Head have been racing in Formula One since 1969 and founded Williams Grand Prix Engineering in 1977. Williams said he would remain as the majority shareholder but a flotation of some shares would be considered if the circumstances were right.
"For some years I have been considering how to secure the long-term ownership of Williams such that it will remain true to the aims with which Patrick and I established the team back in 1977," read a statement from Williams."My goal then was to race in Formula One as an independent Constructor. This was and is my great passion and I will race for as long as I continue to be blessed with good health. It is also my desire that the team is in good shape to go on racing long after I am gone. To that end, it is prudent and necessary to plan for an ownership structure that will enable Williams to be an independent Constructor, owned and staffed by people committed to Formula One and to the sound business practices which have supported us over three decades.
"I have concluded that the option which will best achieve this is to broaden our shareholder base with public shareholders, while having a stable core of long-term investors closely involved in the running of the team. This will ensure stability, good governance and will, I believe, enable us to attract and retain the best people and partners. Patrick, Toto and I are therefore examining this option closely and, if the environment is propitious, we may act in the near future. Regardless of whatever steps we take, I shall remain the majority and controlling shareholder and the Team Principal of ATT Williams."
Chairman Adam Parr confirmed that Williams was not considering retirement and that his "health is absolutely fine".
He added that the decision to float would not be motivated by the need for additional funds and when asked if Williams had a financial track record to support flotation, Parr said: "Yes, we believe we do. The company has always been run on sound financial principles. In spite of the economic environment in recent years, we have turned a profit and generated positive cash-flow from operating activities in 2008, 2009 and 2010 and we have a fully contracted budget for 2011."
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