The Williams F1 Team has secured a large loan while refinancing the team following the sale of Williams Advanced Engineering late last year. The loan comes from the father of their rookie driver.
The refinancing includes mortgaging the team’s property, including their factory. It also includes using the team’s extensive collection of over 100 historic Williams cars accumulated over the team’s 42-year operation.
The loan (of undisclosed value) has been made by Latrus Racing, which is owned and operated by Michael Latifi, the father of the team’s rookie Canadian driver Nicholas Latifi.
Latifi also has other connections to the Williams team helping fund his son’s Formula One debut season. He owns Sofina Foods, one of Canada’s leading processed meat manufacturers and one of Williams’ big sponsors for 2020.
He was also involved in a deal through Nidala Limited, who acquired a 10% stake of the McLaren Group (the holding company of McLaren Racing and McLaren Automotive) for £200m in the Spring of 2018 during the company’s restructuring after the ousting of Ron Dennis.
