Former Mercedes technical boss Paddy Lowe is joining Williams and is set to become a shareholder and director. He move has been expected but talks have dragged on in recent weeks and at times the deal was at risk of collapse. But a source close to Williams said they were “in the final stages”. Another added Lowe’s joining was “a formality”. Lowe, 54, will have a seat on the board as part of his new position, a third source said. A Williams’s spokesperson declined to comment; Lowe was unavailable.
As per the British media reports shared on Wednesday, Former Mercedes Formula One technical head Paddy Lowe is set to become a shareholder in the Williams team when he joins after a period of ‘gardening leave’.
Autosport.com said contractual negotiations had delayed Lowe’s arrival but he was tipped to be in place on March 1, with the season-opening Australian Grand Prix scheduled for March 26. It also said that Lowe, who helped Mercedes to three successive drivers’ and constructors’ championships, was understood to have bought a stake in the team.
Lowe, who started his Formula One career at Williams in 1987, left Mercedes on Jan. 10. Williams founder and Principal Frank Williams has a 52.25 percent stake in the team and co-founder Patrick Head nine percent.
Of the remaining shares, some 20 percent are listed on the Entry Standard of the Frankfurt Stock Exchange and about four percent are held by an employee trust. U.S. businessman Brad Hollinger holds a 14.75 percent stake. It was not clear where Lowe’s stake might come from.
The Englishman, one of the most highly regarded and successful design leaders in Formula 1, is expected to be given responsibility for all technical aspects of the Williams group. This includes the F1 team but also the Williams Advanced Engineering business, which conducts projects for other companies.
Lowe still needs to formally complete his departure from Mercedes, who announced they had put him on ‘gardening leave’ pending his exit on 10 January.
Mercedes will consider allowing Lowe to start work immediately once he has agreed terms with Mercedes for his departure from the team, rather than be forced to sit out for a number of months, as is normal when senior F1 technical figures switch employers.
It is not clear at this stage where Lowe’s shares will come from. Equity in the team is split between founder and team principal Sir Frank Williams (51%), US businessman Brad Hollinger (15%), co-founder Sir Patrick Head (9%) and an employee fund (4%), with 21% listed on the Frankfurt stock exchange
