Williams secures refinancing after engineering division sale

The Williams Formula 1 team has refinanced its corporate borrowings following the sale of its sister Advanced Engineering division in December 2019.

Williams secures refinancing after engineering division sale

The refinancing arrangement retains long-standing banking partner HSBC, and also includes a loan from Latrus Racing, a company owned by Michael Latifi, the father of Williams driver Nicholas.

The arrangement involves a mortgage on the team's land and buildings, as well as factory plant and machinery.

Read Also:

Also included as security are "heritage assets" in the form of over 100 Williams F1 cars covering the full 42-year history of the team.

"Following the sale of WAE at the end of 2019 we began a refinancing process," deputy team principal Claire Williams told Motorsport.com.

"After considering a number of options, we have now concluded our refinancing with a consortium of lenders, all of which was negotiated on an arms-length commercial basis. The loan package provides us with the resources that we need moving forward."

Latrus Racing, which was founded by Michael Latifi in 2012, is involved in the racing activities of his son.

He is already a sponsor of the Williams team through Sofina, his Canadian food products company, and is also a part owner of the McLaren Group, having made an investment in May 2018 through another of his companies.

The list of Williams cars offered as security ranges from an FW06 of 1978 to three examples of FW42 used last season, and includes examples of all the world championship-winning cars.

Many of the cars are in full running order and are seen regularly in historic events, while others are in show car spec. Some are currently out on loan to museums.

shares
comments
Why Todt could be set for his greatest motorsport achievement

Previous article

Why Todt could be set for his greatest motorsport achievement

Next article

Norris now “more precise” with McLaren after gaining “respect”

Norris now “more precise” with McLaren after gaining “respect”
Load comments

About this article

Series Formula 1
Teams Williams
Author Adam Cooper
The Barcelona practice times that prove Red Bull has hidden pace Prime

The Barcelona practice times that prove Red Bull has hidden pace

Lewis Hamilton led the way in Friday practice for the 2021 Spanish Grand Prix, but there was one major encouraging sign for Red Bull. However, making good on that gain will require Max Verstappen to avoid repeating a mistake that left him well down the FP2 order...

Formula 1
May 7, 2021
Why McLaren doesn’t doubt Ricciardo can escape his ‘dark’ place Prime

Why McLaren doesn’t doubt Ricciardo can escape his ‘dark’ place

Three points finishes from as many starts represents a decent opening innings on paper, but Daniel Ricciardo has endured a tough start to his McLaren career - only magnified his teammate's excellent form. Yet both he and the team have good reason to expect a turnaround soon.

Formula 1
May 6, 2021
What needs to “change” for Red Bull is ending Verstappen’s errors Prime

What needs to “change” for Red Bull is ending Verstappen’s errors

OPINION: Going up against the dominant force of Mercedes and Lewis Hamilton was always going to demand the best from Red Bull and Max Verstappen. But after making a couple more errors during the Portuguese Grand Prix, the Dutch driver showed there's a small gap he still needs to close in the 2021 Formula 1 title fight.

Formula 1
May 5, 2021
The "subtle" Red Bull upgrades that kept it in the Portugal F1 mix Prime

The "subtle" Red Bull upgrades that kept it in the Portugal F1 mix

Red Bull's Portuguese Grand Prix fortunes were decidedly second best to Mercedes', but the result skews the potential that the team had at Portimao. With a new set of updates, the team looks good going forward into the rest of 2021's spicy F1 competition

Formula 1
May 3, 2021
Portuguese Grand Prix driver ratings Prime

Portuguese Grand Prix driver ratings

The 2021 Portuguese GP will for several drivers go down as a weekend of missed opportunities amid imperfect track conditions that caused struggles with tyre warm-up. But the performances of a select few stood out from the crowd

Formula 1
May 3, 2021
The five key tests Hamilton passed to claim Portugal victory Prime

The five key tests Hamilton passed to claim Portugal victory

Just as he did in 2020, Lewis Hamilton had to come from behind to win the 2021 Portuguese Grand Prix. Only this time there were two rivals he had to pass, among the several challenges he had to overcome, on his way to securing a 97th grand prix victory

Formula 1
May 3, 2021
The data that leaves both Red Bull, Mercedes uncertain of supremacy Prime

The data that leaves both Red Bull, Mercedes uncertain of supremacy

Lewis Hamilton topped the crucial FP2 session on Friday as F1 returned to Portugal, but his Mercedes team cannot be sure it has the edge on its Red Bull rivals. As cool temperatures and wind combine with the still-slippery surface to present drivers with quandaries over set-up and tyre warmup, there's still everything to play for come qualifying.

Formula 1
May 1, 2021
How in-form Norris is staking his claim as Britain's next F1 champion Prime

How in-form Norris is staking his claim as Britain's next F1 champion

As a highly-rated Mercedes junior, George Russell is naturally billed as Lewis Hamilton's heir apparent where Britain's next Formula 1 champion is concerned. But he may face competition for that accolade from Lando Norris, fresh from a confidence-boosting run to third at Imola whose rise is being accelerated by his McLaren team’s revival

Formula 1
Apr 29, 2021