PracticeAccounting FirmsChantrey Vellacott to audit F1 driver

Chantrey Vellacott to audit F1 driver

Chantrey Vellacott DFK has become the auditor to Justin Wilson plc after the Formula One race car driver launched himself as a public limited company.

Link: Online auction for Arrows

Wilson, who is a driver for the Minardi Formula One racing team, is hoping to raise £1.2m for his team. He joined the team this year, promising he would contribute to the team’s budget. The company’s managing director, Jonathan Palmer, said all of Wilson’s earnings would go into Justin Wilson plc.

He registered the plc on Monday in Companies House and yesterday issued a 34-page prospectus. The minimum subscription charge for shares in Justin Wilson plc is £500, but his advisors say any returns on the shares will be tax free in three years.

Investing in sports is a high risk option in the current economic climate, with the recent demise of F1 racing team Arrows being the latest example. And the prospectus confirmed the company was badly in need of cash, saying in its risk factors page: ‘Minardi may fail to complete the F1 season through lack of funds.’

According to The Times, the investors have to believe that he will leave Minardi for one of the bigger teams and become a millionaire.

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