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Team Sold
Posted by: Damon96 (IP Logged)
Date: 21 August, 2020 08:28

[www.williamsf1.com]

Sad day for the team. Yes it’s good they get investment but I really hoped the family would retain some connection other than just the name on the door. Unless they have also bought out WAE, I can’t see how they will make a return on their investment unless their plan is to sell on to a manufacturer in a few years after turning around the team but there aren’t many manufacturers looking to get into F1.

Re: Team Sold
Posted by: Myvatn (IP Logged)
Date: 21 August, 2020 08:44

Without connections to the Williams family any longer, I see little reason at the moment to keep following the team. I will still root for them, but it definitely will not be the same thing.

I hope that this at least will secure the future of the guys at Grove.

Re: Team Sold
Posted by: Mehryar (IP Logged)
Date: 21 August, 2020 08:49

So does it mean Williams has zero share in the team? I honestly hoped for a minority to be remained for Frank, otherwise this is just bad news.



http://img150.imageshack.us/img150/1095/mehryarsigyo7.gif

Re: Team Sold
Posted by: Damon96 (IP Logged)
Date: 21 August, 2020 09:06

Quote:
Mehryar
So does it mean Williams has zero share in the team? I honestly hoped for a minority to be remained for Frank, otherwise this is just bad news.

Sadly as far as I can tell the family has now ended it’s association with the team. The name is still there but lots of the goodwill towards the team was always linked to the family, without them it won’t be the same.

Will be interesting if they try and tempt Toto to take over, they’ll need a team principal and there aren’t many obvious candidates out there.

Re: Team Sold
Posted by: ihme (IP Logged)
Date: 21 August, 2020 09:10

Holy @#$%&, sold ENTIRELY? That's unexpected to say the least.

Re: Team Sold
Posted by: Mehryar (IP Logged)
Date: 21 August, 2020 09:16

I just read somewhere that Toto's intention is to sell his minor stakes in the team in near future.

Anyway, I still hope the team keeps a minor share just like what Ferrari family has in its company.Otherwise, I can't see why most of us should yell for them! Success was not the reason for us to be their fan.



http://img150.imageshack.us/img150/1095/mehryarsigyo7.gif

Re: Team Sold
Posted by: Nuvolari (IP Logged)
Date: 21 August, 2020 09:35

In the short term this is probably good news financially. But like others are saying, it's sad to see the link to the Williams-family looks to be gone. Really hope one of the family members still has a role as a board member. Really don't know what this means for me as a fan. I guess only time will tell if the love for Williams will remain or not.

Re: Team Sold
Posted by: boro1986willliamsf1 (IP Logged)
Date: 21 August, 2020 09:36

I will still support William's as I always will with Middlesbrough fc tes it won't be the same without any Williams family even if they choose to change the name sad day indeed as long as they got a sale and not gone into receivership and gone out of business then I'd have to support another team



100% Williams
WILL SUPPORT WILLIAMS AS LONG AS THEY HAVE A TEAM

Re: Team Sold
Posted by: Beatrix (IP Logged)
Date: 21 August, 2020 09:55

What a sad day.

Re: Team Sold
Posted by: ihme (IP Logged)
Date: 21 August, 2020 10:35

https://i.imgur.com/j5YrWUC.png

Re: Team Sold
Posted by: Albi-Quin (IP Logged)
Date: 21 August, 2020 10:51

Here’s the statement from the Stock Exhange:

“Under the terms of the Transaction, the Enterprise Value of WGPE is €152 million and the net cash proceeds that have been received by the Company for the shares in WGPE, after repayment of third party indebtedness and transaction expenses, are €112 million. The Company may also receive additional deferred consideration as part of the Transaction subject to certain conditions being satisfied. The Company currently expects to return substantially all of the net cash proceeds to Shareholders. The Company will update Shareholders on the amount and method of distribution in due course.

“Following a comprehensive review of all the strategic options available to the Company, the Board of the Company has unanimously concluded that the Transaction delivers the best outcome for shareholders. In addition the Transaction has the irrevocable support of Sir Frank Williams who holds 52% of the issued share capital, and who has confirmed in writing to the Panel on Takeovers and Mergers that he approves the transaction and would vote in favour of any resolution which would be required for the purposes of Rule 21.1 of the City Code on Takeovers and Mergers (the ‘Takeover Code’).”

Re: Team Sold
Posted by: supa213 (IP Logged)
Date: 21 August, 2020 11:31

Whilst its sad that the entire team has been sold by the family, this can only be positive. The medium term future of the team and employees is secure (I say medium term as the aim of Dorilton will always be to build the team up and sell), and Dorilton will have to invest to bring the team up to a good level of competitiveness to make a profit.

Having had a quick look, I don't get the feeling that Dorilton will be looking to asset strip although 152m for the team, premises, windtunnels, heritage collection etc does seem a little cheap considering. Maybe it wouldn't be hard for them to get their money back after all....

Re: Team Sold
Posted by: rpaloschi (IP Logged)
Date: 21 August, 2020 12:12

Sad days... it is over then... it was such a ride punching above its own weight. Now there will be a team called Williams, just like any other that comes and goes. F1 lost ita only motivation to stand for someone in the sport. Well, lets move on.

Re: Team Sold
Posted by: ihme (IP Logged)
Date: 21 August, 2020 12:30

Still can't believe we didn't go with Lawrence Stroll when the signs were already there that 2019 could be a distaster instead we got Claire talking about how the team will be sold over her dead body... So much for her pride and all it took was 1-2 years and here we are.

Re: Team Sold
Posted by: Anderis (IP Logged)
Date: 21 August, 2020 12:44

I have a feeling the story will not end well. I fear the new owners will fail to make the team competitive and sell it after a few years to someone who will then cut all ties with Williams' heritage and rebrand it into a new soulless entity.

But Williams failed to make it work on its own so I guess it's how it has to be.

Re: Team Sold
Posted by: Matt Brown (IP Logged)
Date: 21 August, 2020 12:52

So the big question is will Claire Williams still be Team Principal for the Williams team?

Re: Team Sold
Posted by: Myvatn (IP Logged)
Date: 21 August, 2020 12:53

Quote:
ihme
Still can't believe we didn't go with Lawrence Stroll when the signs were already there that 2019 could be a distaster instead we got Claire talking about how the team will be sold over her dead body... So much for her pride and all it took was 1-2 years and here we are.
Let's not forget there was an unforeseeable pandemic + global recession in between. It obviously didn't help.

Re: Team Sold
Posted by: Matt Brown (IP Logged)
Date: 21 August, 2020 12:53

Please I must know does Claire now lose her job?

Re: Team Sold
Posted by: Matt Brown (IP Logged)
Date: 21 August, 2020 13:00

So this famous British Formula 1 team has been bought by an American firm?

Shame Williams couldn't have been bought by a British firm so they could have at least stayed British.

Re: Team Sold
Posted by: Gunk (IP Logged)
Date: 21 August, 2020 13:16

As much as I would like F1 to continue forever, I suspect it is becoming something of a dinosaur with an increasingly ageing following.

And with Covid and all the economic turmoil at present, the immediate future isn't exactly assurred either.

£150m is a zonking amount of money . . . and can surely be better invested elsewhere. I think they made the right call.

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