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.
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.