Williams go ahead with public flotation
The Williams team recently announced that they were considering public floatation in a bid to secure its independent ownership future, after a number of high-paying sponsors left the team. However, the team have now confirmed that they will be offering 27.39% of the company for sale on the 2nd March. Although over a quarter of the company will be sold, founder Frank Williams, who currently owns 63% of the shares, will retain a majority and controlling stake. The flotation will include private placing of shares with institutional investors and a public offer in certain countries including Germany, Switzerland, Austria and the UK. Whilst this is all in place to ensure the teams financial future, the Williams team have insisted that their accounts are healthy and its racing budget for 2011 has already been secured. A major help in this was the team's decision to replace Nico Hulkenberg with Venezuelan rookie Pastor Maldonado, as he brings with him a multi-year, multi-million pound sponsorship deal with his country's state oil company, PDVSA.