Paddy Lowe Moving To Williams As Shareholder, Director

Paddy Lowe

Former Mercedes Formula 1 Technical Dir Paddy Lowe is "joining Williams and is set to become a shareholder and director," according to Andrew Benson of the BBC. The 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 that the team was "in the final stages."

Another added that Lowe's joining was "a formality." A third source said that Lowe, 54, "will have a seat on the board as part of his new position."

A Williams spokesperson declined to comment and Lowe was unavailable. Lowe still needs to "formally complete his departure from Mercedes," which announced it put him on "gardening leave" pending his exit on Jan. 10.

Mercedes will "consider allowing Lowe to start work immediately" once he has agreed to terms with Mercedes for his departure from the team. It is "not clear at this stage where Lowe's shares will come from." Equity in the team "is split" between Founder & Team Principal Frank Williams (51%), U.S. businessman Brad Hollinger (15%), co-Founder Patrick Head (9%) and an employee fund (4%), with 21% listed on the Frankfurt stock exchange BBC