Williams F1 secure loan from father of team driver Nicholas Latifi

Privately owned team have suffered significant losses of revenue after back-to-back 10th placed finishes

Alan Baldwin
Saturday 11 April 2020 14:34
Coronavirus: How has sport been affected?

The Williams Formula One team have secured a loan through a company owned by the father of their Canadian Formula One driver Nicholas Latifi as part of a refinancing of corporate borrowings.

The loan, which was finalised last week according to Companies House documents, was with the Michael Latifi-owned Latrus Racing Corp.

The Canadian businessman acquired a roughly 10 per cent stake in rivals McLaren in 2018 through his British Virgin Islands-based company Nidala Ltd in what was presented as a purely commercial deal.

Latifi junior is due to make his Formula One race debut with Williams this year, with the season yet to start due to the coronavirus outbreak.

The privately-owned team, once dominant world champions who have faced a significant loss of revenue after finishing 10th for the past two seasons, sold their advanced engineering division in December.

Latifi’s Sofina Foods is also a prominent sponsor of the British-based team.

The Latrus loan involves a mortgage on the team’s facilities with the collection of heritage racing cars included as security. No financial details were given.

“Following the sale of WAE at the end of 2019 we began a refinancing process,” deputy team principal Claire Williams, daughter of founder Frank, told motorsport.com.

“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.”

Williams last week announced they had furloughed staff to the end of May as a result of the COVID-19 pandemic, with drivers also taking pay cuts.


Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies


Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in