Last year, Williams sold a majority stake in Advanced Engineering to EMK Capital. In the meantime, it has become clear that this was accompanied by a thorough refinancing. Claire Williams is able to reveal this on Friday afternoon.
Advanced Engineering is completely separate from the Formula 1 team, as this department is only involved in the development and production of parts for the aerospace and automotive industries.
Latifi comes to the rescue
"We started refinancing at the end of 2019 after the sale," says Claire Williams at Motorsport.com. The team boss explains how that came about. "We looked at a number of options and that refinancing has now been completed with a consortium of lenders on an equal footing. The package of loans gives us the means to continue our work".
One of the lenders is the company of driver Nicholas Latifi's father. Williams will borrow money from the Latrus Racing company which has secured the land, buildings, plant and machinery from Williams as collateral. According to the aforementioned medium, this includes the collection of more than one hundred historic Formula 1 cars of Williams.