Wilson F1 Share Offer Oversubscribed

So many people wanted to buy a stake in British Formula One driver Justin Wilson that his management are having to return cheques to would-be shareholders.

Wilson's manager Jonathan Palmer told a news conference on Wednesday that 1.2 million pounds ($1.96 million) had been raised through an unprecedented share issue to fund the 24-year-old's drive with Minardi this year.

Palmer, himself a former Formula One driver, said the issue was oversubscribed to the tune of tens of thousands of pounds when it closed on May 30.

"There are going to be some disappointed applicants who are going to have their cheques returned," he said. "We have far exceeded our expectations. Clearly there has been a huge appetite, as we hoped, from members of the public and Formula One enthusiasts to take up the opportunity of owning a bit of a Formula One driver."

The share issue was the first time that members of the public had been able to buy such a stake and investors stand to double their money if he is ultimately successful in establishing himself in Formula One.

Justin Wilson Plc can make its first payments after three years and once shareholders have doubled their money they will still be collectively entitled to 10 percent of Wilson's income until 2012.

"The registrars have received share applications every single day," Palmer said of a share issue that was launched after the Australian Grand Prix on March 7.

More than 900 people, predominantly male, invested with 70 percent of them buying the minimum shareholding of 500 pounds. Another 20 percent paid 1,000 pounds and 90 people paid more than that.

Wilson's father Keith, whose family-owned garage might have had to be sold had the issue failed, said he felt 'enormous relief'. Minardi boss Paul Stoddart said in a statement that Wilson, the only Briton to have won the FIA Formula 3000 title, had the talent to reward investors' faith.

"When Jonathan Palmer came to me with the Justin Wilson Plc proposal in December of last year I embraced it with enormous enthusiasm as I thought it to be the best idea Formula One had seen in many a long year," he said.

"Justin's performance has exceeded even my most optimistic expectations but, more importantly, it also has been noted by a number of influential individuals within the world of Formula One," said the Australian.