McLaren Racing CEO Zak Brown made it clear that the Formula 1 team is doing great both financially and in terms of track record.
The start of the global pandemic in early 2020 generally hit the McLaren Group hard, which announced a 25% layoff of its workforce, while reports surfaced that the company was looking for credit to provide a cash injection to eventually get £ 150m from the National to secure Bank of Bahrain.
A minority stake in McLaren’s F1 team was also sold to the US consortium MSP Sport Capital for £ 185 million.
The following year, the McLaren Technology Center base was sold to Global Net Lease for £ 170 million, which was then leased back to McLaren, while Brown said that summer that new investments worth £ 550 million had been secured.
That supposedly came mainly from a deal with Saudi Arabia’s Public Investment Fund [PIF], along with contributions from the majority owner of the McLaren Group, Mumtalakat, and other investors.
Brown assured, however, that McLaren is now very stable financially, with the F1 team benefiting greatly from its partnership with MSP, a collaboration that has now been a little over a year.
As quoted by Motorsport-Total.com, he said: “We are in excellent financial shape.
“Our sales are growing rapidly. I think we have announced more commercial partners than any other Formula 1 team.
“MSP has given us the financial resources we need to be profitable.
“They were a very stabilizing factor within the racing team, both in terms of taxes and emotions. They are great partners. You are a sports investor and want to win. They understand the sport because Formula 1 is a unique business. So we couldn’t be happier after a year. “
McLaren’s success on the track has also played a huge role in increasing morale within the F1 team, Brown said.
In 2020, the team secured third place in the Constructors’ Championship, and although they lost a place in 2021, they returned to the top step of the podium when Daniel Ricciardo took victory at Monza and Lando Norris took the team one-two.
That was the first McLaren double victory in Formula 1 since Canada 2010.
“With the results on and off the track and the investment, the team’s morale has never been better,” said Brown.
