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McLaren now financially '100 per cent extremely strong'

McLaren now financially '100 per cent extremely strong'

F1 News

McLaren now financially '100 per cent extremely strong'

McLaren now financially '100 per cent extremely strong'

McLaren Racing CEO Zak Brown has confirmed the decision to enter Extreme E underlines the organisation is again financially stable following a recently troubled period.

McLaren confirmed on Friday it would be entering the all-electric off-road series in 2022 in competition against the teams run by Lewis Hamilton, Jenson Button and Nico Rosberg.

It is in stark contrast to a year ago when McLaren Holdings Ltd was threatened with insolvency, leading to it taking out a £150million loan with the National Bank of Bahrain.

McLaren has since secured additional funding following the sale of a minority stake to US-based sports investment group MSP Sports Capital for £185million.

While in April it agreed to a £170million sale of its Technology Centre with US-based real estate investment trust Global Net Lease.

Opting to race in Extreme E has come ahead of plans for the World Endurance Championship and Formula E, but highlights McLaren's more stable financial footing.

"One hundred per cent our financial situation at McLaren Racing is extremely strong," confirmed Brown.

"Of course, we have to be diligent and get a return on investment anywhere we're spending money, whether that's entering a new racing series or funding a new windtunnel, but yes, we are financially very healthy.

"That's allowing us our competitiveness in Formula 1, it's allowed us to look into IndyCar and allowed us to enter into Extreme E because what we will never do is distract or detract from our Formula 1 efforts.

"IndyCar or Extreme E, they are there to be complementary and to help accelerate our Formula 1 effort.

"As an example, Arrow Electronics, our title partner in IndyCar is now a big partner in our Formula 1 team.

"The strength of McLaren Racing is very good, and it's very exciting times here."

Asked as to when he anticipated a positive financial return from Extreme E, Brown added: "I'm anticipating this racing series to be commercially positive in its first season."

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