McLaren’s Woking headquarters was put up for sale last year and it has now been confirmed that it has been sold. The team is on a 20-year leaseback program, however, which means that part of the sales deal was to allow McLaren to rent its own home back from the new owners for two decades. The F1 team is still grappling with financial problems, despite the recent increase in performance on the track, exacerbated by the COVID-19 pandemic.
According to Motorsport, McLaren originally wanted £ 200 million ($ 259 million) for the McLaren Technology Center, but today new owners, Global Net Lease, claim it sold for just £ 170 million ($ 237 million). GNL is a US company with a huge real estate portfolio and some prior association with motorsport as it lists Penske among its top ten tenants, a dystopian listing concept if there ever was one.
McLaren has been on a recreational trail for three years, culminating in Lando Norris, who is currently third in the F1 drivers’ standings after his second podium at the Emilia Romagna Grand Prix on Sunday. However, it was not that easy to get out of financial troubles. Last year it was the first F1 team to take employees on leave during the pandemic. Drivers and executives made voluntary salary cuts.
Things got worse when the race had to be restarted and immediate financial action had to be taken to secure a £ 150 million ($ 209 million) loan from the National Bank of Bahrain. The team is majority owned by the Bahraini royal family after former boss Ron Dennis was forced to give up his stake in the group in 2007.
James Nelson, CEO of GNL, said the purchase “is an example of GNL’s ability to find large-scale and attractive sale-leaseback opportunities that add significant value to our overall portfolio in a highly competitive marketplace.” How inspiring.
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