The Williams Formula 1 motor racing team has a roughly ISK 2 billion (USD 15.7 million) claim in the estate of Iceland’s bankrupt Glitnir Bank connected to Jon Asgeir Johannesson’s attempts to buy himself into the team in previous years.

At the beginning of 2008 it was decided that Johannesson’s Baugur would continue to advertise on the team’s cars as they had been in recent years. Vidskiptabladid reports that there were also plans for him to purchase up to a ten percent stake in the team as well. Later in the year, Glitnir stepped in as guarantor to the contract, which led to Williams’s current claim against the bank.

Formula 1 is known for its glamour and glitz, especially at the annual Monaco Grand Prix. It is clear, according to RUV.is, that along with Baugur’s sponsorship contract in 2004, Johannesson was also buying an entry ticket to the high society of Formula 1.