Mclaren receives £300 million injection; more measures not excluded
Red Bull Content Pool
F1 News
- GPblog.com
McLaren is hit hard by the coronavirus and for that reason the number of measures has been expanded. The shareholders of the British brand have invested £300 million, but that may not be all. The McLaren Group is currently talking to external lenders and the bank.
The £300 million injection was done to keep McLaren afloat by navigating through the corona crisis. However, that amount may not yet be enough, as people are currently also talking to third parties to see whether additional working capital can be tapped.
Bank loans McLaren
In addition, McLaren, like any organization, has loans from the bank. We are currently discussing whether the conditions of those bank loans can be changed, so that the cash flow remains in order. That is causing problems, since at the moment there is no income at all for the brand that mainly sells luxury cars on the car market.
Also in the Formula 1 branch of McLaren savings are being made. The majority of employees have taken leave of absence and drivers Carlos Sainz and Lando Norris have surrendered part of their salaries. This also applies to the top management, which includes team boss Andreas Seidl and CEO Zak Brown.
No support from Liberty yet
Liberty Media, as owner of Formula 1, has earmarked no less than 1.4 billion dollars to pull the Formula 1 out of the muck and guarantee the future. In addition, some teams have received an advance on the prize money, but McLaren had not yet been credited on Saturday. Whether that will happen in the near future is unclear.