McLaren has had its fair share of financial woes recently, but CEO Zak Brown said the team are now in a better position, confident they are in excellent financial shape.
The former Formula 1 team has seen recent growth and won its first race since 2012 at the 2021 Italian GP, with new team driver Danierl Ricciardo leading his home teammate Lando Norris in a famous 1-2 .
The team, however, had to settle for fourth place in the constructors’ standings after Ferrari beat them in third place as Maranello’s side saw a performance boost from mid-season.
In 2020, a company called MSP Sports Capital acquired 15% of McLaren Racing for a price of € 200million, a move McLaren made to secure an investment for the team.
McLaren also announced in 2021 that it had sold its headquarters, the McLaren Technology Center in Woking to US company Global Net Lease for £ 170million, in a deal that would see the team lease the MTC for 20 years. .
In addition, a report was recently released claiming that Volkswagen will enter F1 in 2026 via Porsche and Audi as powertrain suppliers, with the report claiming that Audi will take over McLaren, as Mumtalakat Holding Company, the fund of Bahraini investment which owns 42% of McLaren, seeks to sell their shares in McLaren because of losses incurred in the company.
This is not the first time that such reports have circulated with McLaren denying the news.
Brown happy with the team’s financial situation
Zak Brown, however, seems quite satisfied and optimistic about McLaren’s financial situation, which he expressed in an interview with Motorsport-Total.
“We are in excellent financial shape,” he said. “Our turnover is increasing rapidly. I think we have announced more business partners than any other Formula 1 team. “
Speaking about the MSP deal, Brown said, “MSP has given us the financial resources we need to become profitable.
“They were a very stabilizing factor from a fiscal point of view, but also emotionally within the racing team. They are excellent partners. They are sports investors and they want to win.
“They understand the sport because Formula 1 is a unique endeavor. So we couldn’t be happier after a year, ”revealed the American.
In a recent global survey by Formula 1 and Motorsport fans, McLaren was voted the most popular F1 team, with team drivers Norris and Ricciardo being the second and fourth most popular drivers on the grid, respectively.
Brown believes the poll results – combined with inbound investments – are another boost for McLaren’s future.
“With that, the results on and off the track, and the investment, the morale of the team has never been so good,” concluded the 50-year-old.
Bruce in bronze with a view that we never tire of. pic.twitter.com/j0yf8qmDYc
– McLaren (@ McLarenF1) January 5, 2022