Wilson unveils share scheme

Minardi rookie Justin Wilson has revealed his innovative scheme to raise money for his Formula 1 drive this year - becoming a public limited company and selling shares in himself

Wilson unveils share scheme

The Briton issued a 34-page prospectus at the official launch of the Minardi team's new car today (Wednesday), presenting himself as a tax efficient, but high-risk investment.

"I think it's quite exciting. It's a new system," said Wilson. "It's taken a long time to set up so it's quite satisfying to have it finally revealed today."

The prospectus presents Wilson as a chance for investors to double their money, although it does stress the danger of the scheme and warns that Minardi may fail to complete the season due to a lack of funds. Backers, who must invest a minimum of £500, will potentially get their money back twice over, and will be entitled to 10 percent of Wilson's income until 2013.

Any income that Wilson earns will go into Justin Wilson Plc, which will pay the driver £50,000 this year, rising by £25,000 in each of the next two years.

Wilson's, manager, Jonthan Palmer, said: "This is not a penal route for Justin but it is a uniquely compromising one for his future income. I don't suppose there are any other Formula 1 drivers out there who'd be happy with £100,000 income in 2005.

"But as far as Justin is concerned the options are either not being in Formula 1 at all or being in on this basis. He is not someone who has dreamt of Formula 1 because it means private jets and Monaco apartments and boats."

Minardi boss Paul Stoddart said that he was watching the scheme with interest, and has hinted that he could sell shares in Minardi in a similar deal in the future.

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