But with global recession, war in Iraq and fan disenchantment with all-too-predictable F1 races, the 24-year-old Briton wasn’t able to find a sponsor. “We couldn’t find any backing, despite Justin’s impressive racing performance,” says his manager, Jonathan Palmer, a former BBC Grand Prix commentator.
So Wilson decided to shift for himself. To keep his spot on cash-strapped Italian racing team Minardi, he is trying to raise $1.5 million through an IPO in which he represents the equity. (Minardi expects drivers to bring in sponsorship money.)
Newly formed Justin Wilson plc (www.investinwilson.com) owns all rights to Wilson’s racing, sponsorship and promotional earnings through 2013. It’s selling 1.2 million ordinary shares at £1 ($1.57) apiece. The prospectus estimates that Wilson’s take could be as much as $10 million annually if he wins a few times.
Is it worth the risk to invest with this stock car driver, as it were? “Investing in Wilson may be little more than a gamble,” suggests Ceri Glen, an analyst at Redmandarin, a London-based firm that advises companies and teams on sports sponsorship. “But there are still millions of racing fans out there who will have a lot more fun owning a stake in his career than in just throwing a bet down at the roulette table.”
Besides, F1 could use another hot young driver to challenge the dominance of Ferrari’s inexorable Michael Schumacher, who won 11 of 17 races last year.
