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
Unpacking the technical changes behind F1 2022's rules shake-up Prime

Unpacking the technical changes behind F1 2022's rules shake-up

Formula 1 cars will look very different this year as the long-awaited fresh rules finally arrive with the stated aim of improving its quality of racing. We break down what the return of 'ground effect' aerodynamics - and a flurry of other changes besides - means for the teams, and what fans can expect

Why F1's new era is still dogged by its old world problems Prime

Why F1's new era is still dogged by its old world problems

OPINION: The 2022 Formula 1 season is just weeks away from getting underway, but instead of focusing on what is to come, the attention still remains on what has been – not least the Abu Dhabi title decider controversy. That, plus other key talking points, must be resolved to allow the series to warmly welcome in its new era

Formula 1
Jan 20, 2022
The Schumacher trait that will give Haas hope in F1 2022 Prime

The Schumacher trait that will give Haas hope in F1 2022

Mick Schumacher’s knack of improving during his second season in a championship was a trademark of his junior formula career, so his progress during his rookie Formula 1 campaign with Haas was encouraging. His target now will be to turn that improvement into results as the team hopes to reap the rewards of sacrificing development in 2021

Formula 1
Jan 19, 2022
The “glorified taxi” driver central to F1’s continued safety push Prime

The “glorified taxi” driver central to F1’s continued safety push

As the driver of Formula 1’s medical car, Alan van der Merwe’s job is to wait – and hope his skills aren’t needed. James Newbold hears from F1’s lesser-known stalwart.

Formula 1
Jan 15, 2022
When BMW added F1 'rocket fuel' to ignite Brabham's 1983 title push Prime

When BMW added F1 'rocket fuel' to ignite Brabham's 1983 title push

There was an ace up the sleeve during the 1983 F1 title-winning season of Nelson Piquet and Brabham. It made a frontrunning car invincible for the last three races to see off Renault's Alain Prost and secure the combination's second world title in three years

Formula 1
Jan 13, 2022
How “abysmal” reliability blunted Brabham’s first winner Prime

How “abysmal” reliability blunted Brabham’s first winner

Brabham’s first world championship race-winning car was held back by unreliable Climax engines – or so its creators believed, as STUART CODLING explains

Formula 1
Jan 10, 2022
The steps Norris took to reach a new level in the 2021 F1 season Prime

The steps Norris took to reach a new level in the 2021 F1 season

Lando Norris came of age as a grand prix driver in 2021. McLaren’s young ace is no longer an apprentice or a quietly capable number two – he’s proved himself a potential winner in the top flight and, as Stuart Codling finds out, he’s ready to stake his claim to greatness…

Formula 1
Jan 9, 2022
How Fangio set the bar for Schumacher and Hamilton in F1 Prime

How Fangio set the bar for Schumacher and Hamilton in F1

Juan Manuel Fangio, peerless on track and charming off it, established the gold standard of grand prix greatness. Nigel Roebuck recalls a remarkable champion.

Formula 1
Jan 8, 2022