close global

Welcome to GPFans

CHOOSE YOUR COUNTRY

  • NL
  • GB
  • IT
  • ES-MX
  • US
  • GB

Are you a F1 Fan? Follow GP Fans

Edition

NL GB IT ES-MX US

McLaren to mortgage historic cars

Photo: © LAT Images

McLaren to mortgage historic cars

The manufacturer hopes to raise £275 million in order to survive the pandemic

McLaren are poised to mortgage their historic Formula 1 cars alongside the McLaren Technology Centre in a bid to raise £275 million to survive to Covid-19 pandemic.

GPFans has learned that the McLaren Group are considering the move, after the UK government turned down a request for a £150m loan.

The deal is similar to that which has been struck between Williams and Michael Latifi, the team using their Grove headquarters and cars as collateral against a rumoured £50m loan.

"Like many other British businesses McLaren has been severely affected by the current pandemic and we are therefore exploring a variety of different funding options to help navigate these short-term business interruptions," a spokesperson for the manufacturer told Motorsport.com.

Reports have valued the MTC at £200m while the extensive car collection, including championship winning cars of James Hunt, Ayrton Senna and Lewis Hamilton, is estimated at £250m.

The McLaren Group consists of McLaren Racing, McLaren Automotive and McLaren Applied.

The lockdown has not only resulted in a loss of advertising, merchandising and television revenue on the racing side of things, but also a significant loss of revenue through sales of supercars.

McLaren currently have around 4,000 staff on the books and are making use of the government furlough job retention scheme.

Before you leave...

Vettel's Ferrari departure triggers $90million F1 loss on stock exchange

Ferrari's Binotto: 'With Carlos Sainz, we can win'

Related

More F1 news

Latest F1 news

Lewis Hamilton reflects on huge F1 mistake: 'That was an absolute disaster'

Lewis Hamilton reflects on huge F1 mistake: 'That was an absolute disaster'

  • 28 minutes ago
Christian Horner to Aston Martin move still on - F1 insider

Christian Horner to Aston Martin move still on - F1 insider

  • 1 hour ago
F1 Blockbuster Moves: Lewis Hamilton's secret talks with champion to leave team

F1 Blockbuster Moves: Lewis Hamilton's secret talks with champion to leave team

  • 1 hour ago
F1 stars under tax evasion investigation worth 'hundreds of millions'

F1 stars under tax evasion investigation worth 'hundreds of millions'

  • 2 hours ago
Aston Martin lifeline emerges as Honda engine backed for major boost

Aston Martin lifeline emerges as Honda engine backed for major boost

  • 3 hours ago
F1 star involved as sex escort scandal uncovered

F1 star involved as sex escort scandal uncovered

  • Today 16:59

Just in

21:14
Lewis Hamilton reflects on huge F1 mistake: 'That was an absolute disaster'
20:28
Christian Horner to Aston Martin move still on - F1 insider
19:44
F1 Blockbuster Moves: Lewis Hamilton's secret talks with champion to leave team
18:57
F1 stars under tax evasion investigation worth 'hundreds of millions'
17:55
Aston Martin lifeline emerges as Honda engine backed for major boost
F1 news

Recommended by the editors

Lewis Hamilton reflects on huge F1 mistake: 'That was an absolute disaster' Lewis Hamilton

Lewis Hamilton reflects on huge F1 mistake: 'That was an absolute disaster'

28 minutes ago
Christian Horner to Aston Martin move still on - F1 insider Christian Horner

Christian Horner to Aston Martin move still on - F1 insider

1 hour ago
F1 Blockbuster Moves: Lewis Hamilton's secret talks with champion to leave team F1 Stories

F1 Blockbuster Moves: Lewis Hamilton's secret talks with champion to leave team

1 hour ago
F1 stars under tax evasion investigation worth 'hundreds of millions' Latest F1 News

F1 stars under tax evasion investigation worth 'hundreds of millions'

2 hours ago
Ontdek het op Google Play
x