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Latifi bails out Williams
Although the amount is unclear, Michael Latifi, father of driver Nicholas, has joined HSBC in refinancing the company's corporate borrowings. Worryingly, the loan is secured on the team's factories, land, plant machinery and even its historic collection of over one hundred title and race-winning cars. Latifi, it will be recalled, also has a $100m stake in McLaren. 'Following the sale of Williams Advanced Engineering at the end of 2019 we began a refinancing process,' 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...
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5y ago from Pitpass.com
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