Ecclestone backs Williams's flotation

Formula 1 supremo Bernie Ecclestone has backed Williams's plans for a flotation on the stock market, as the Grove-based team revealed that its shares will be priced at 24-29 Euros

Ecclestone backs Williams's flotation

Williams is set to reveal more details about its flotation at a press conference in London on Wednesday, but in a statement issued by the team earlier in the day it outlined the background to its plans.

It said that the price range of shares would be between 24 and 29 Euros - which values the company at 265 million Euros at the mid-price range.

The decision to go to the stock market marks a first for an F1 team, and Ecclestone believes that team boss Frank Williams has done the right thing.

"I have known Frank Williams for more than 40 years," he said. "He has always run a very efficient organisation.

"He has never wanted to be taken over by either a car manufacturer or a large company. He has supported Formula 1 in many ways most of his life, as has Patrick Head. We want more Franks and Patricks. If I could buy shares in the company I would."

Williams said that its accounts are in good health - with three years of profits on its book, a cash position of £24.8 million and a fully-secured sponsorship budget for 2011.

Team chairman Adam Parr said: "We have spent the past few years working to ensure a long-term future for the sport. Having accomplished this, the time is now right to assure Williams' own future as an independent constructor, in this rapidly evolving industry."

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