The owner of the Williams Formula One racing team opted for a stock-market listing in Frankfurt instead of the U.K. because of the London Stock Exchange’s “ludicrous” disclosure rules, the Sunday Telegraph reported.
The newspaper cited an interview with Adam Parr, executive chairman of Williams Grand Prix Holdings Plc.
The LSE and its Alternative Investment Market for smaller companies require listed companies to report the value of contracts that amount to 10 percent or more of revenue, it said.
“We have confidentiality provisions, not just with Formula One, but with partners that would just make that impossible,” Parr said, according to the Sunday Telegraph. Frankfurt’s stock exchange requires no such disclosures and lets companies use GAAP, or generally accepted accounting principles, it said.
WilliamsF1 Formula One racing team will become the first publicly traded Formula One team at $361.3 million.
Williams said shares of a 27.39 percent stake in the company would be priced between $32.72 and $39.54 on the Frankfurt Stock Exchange beginning March 2.
Frank Williams, the principal and co-founder, opted to raise money publicly after losing a number of sponsors in 2010. He will remain the majority and controlling shareholder.
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