MARCH 5, 2003
Justin Wilson PLC
Minardi driver Justin Wilson has become the first racing driver to be floated on the London Stock Exchange. Wilson is aiming to raise $2m to pay for his drive with Minardi and is offering investors the chance to double their money and to share 10% of his income until the year 2012. Then 24-year-old Yorkshireman needs to raise $1.5m to pay for his Minardi drive, in addition to what he has already paid and is hoping that he will get support from the public. The minimum investment in Justin Wilson PLC will be $750 although investors will be able to claim the investment back off their income tax under the Inland Revenue's Enterprise Investment Scheme.
Wilson is driving for Minardi for free this year but the team has an option to keep him in 2004 and 2005 and if this option is taken up Minardi will be committed to pay him $750,000 in 2004 and $1.5m in 2005.
Jonathan Palmer, Wilson's manager, has organised the flotation although he will not make any money from it, despite the fact that he owns 20% of all Wilson's earnings.