McLaren Explores Funding Options To Overcome Coronavirus Challenge

By Daily Sports on May 16, 2020

McLaren is looking into various funding options to help the sportscar maker and Formula One team owner negotiate the coronavirus pandemic, a spokesman said on Thursday.

Sky News reported that British-based McLaren was seeking to raise up to £275 million by borrowing against its Woking headquarters and extensive collection of historic racing cars.

It quoted sources as saying McLaren, advised by JP Morgan, could raise the money in the form of new bonds with funding secured from existing or new bondholders.

A request for a £150m loan from the government was recently rejected, according to media reports.

“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,” the spokesman said, without giving details.

McLaren were the first F1 team to furlough staff in April because of the coronavirus, with drivers Lando Norris and Carlos Sainz joining senior management in taking a pay cut. The company said then that the temporary three-month wage reduction was part of wider cost-cutting measures due to the impact of the pandemic on its business.

The F1 has yet to start, a blow for teams who rely on sponsorship and a share of the sport's revenues for much of their budgets. The team announced on Thursday that Australian driver Daniel Ricciardo would be joining in 2021, with Sainz heading to Ferrari.

The McLaren Group, including the luxury carmaker and applied technology arm, employs some 3,700 people with around 850 working for the F1 team.

McLaren has a collection of cars driven by the likes of the late founder Bruce McLaren and Brazilian triple champion Ayrton Senna. The F1 team are the second most successful in the sport's history, after Ferrari in terms of race wins and championships, and gave Mercedes' six-times world champion Lewis Hamilton his debut in 2007.

The company is majority owned by Bahrain's sovereign wealth fund Mumtalakat. (Reuters)

•PHOTO: McLaren car

Source Daily Sports

Posted May 16, 2020


 

You may also like...
Man City pull plug on Alexis

Groves wants Smith fight delayed by a month...

Mikel, Iniesta my favourite stars – Agbo

Arsenal must show passion against Tottenham — Emery...

Injured Foden Doubtful For Euro 2020 Final

Ebuehi ‘Cannot Wait’ To Play For Nigeria Again...

 

Latest News Hearn slams Ngannou over Joshua defeat excuse Chelsea eye Martinez to replace Osimhen Visa unveils Amusan, Nwachukwu as global ambassadors I’m not under pressure to coach Eagles – Finidi Super Eagles focused on World Cup qualifiers – Omeruo Ibrahim: Striker who wants to emulate Lukaku at Chelsea Boniface ranked best African performer in Europe Napoli may reduce Osimhen price tag Mali beat Nigeria 2-0 in international friendly NOC commends Team Nigeria, government, media for victory at African Games JOF U-13 Cup: 8 Clubs Qualify For Quarterfinals Osimhen resumes training, fit for Atalanta clash

 

Most Read Rangers International going, going . . . (53,388 views) Amaju Pinnick: A cat with nine lives (44,395 views) Second Term: Amaju Pinnick, Other NFF Heavyweights Home to Roost •How Pinnick Broke the Jinx (42,545 views) Missing $150,000 IAAF Grant: Solomon Dalung’s Hide and Seek game (42,219 views) Sports Development: Zenith Bank on the zenith (42,003 views) Gov. Abdullahi Ganduje’s solid footprints, commitment to sports development in Kano State (41,882 views) Current issues in Nigerian sports: Matters arising (41,767 views) NFF Presidency: Pinnick, Maigari, Ogunjobi, Okoye in Battle for Supremacy (41,223 views) Olopade, BET9A wave of revolution in NNL (40,272 views) Commonwealth Games 2018: Shame of Muhammadu Buhari, Solomon Dalung (39,183 views) Ibrahimovic’s Man U exit: Whose decision is it? And in whose interest? (37,632 views) John Mikel Obi: Segun Odegbami’s Outrageous Call! (37,208 views)

 

Phone numbers

Tel: +234(0)8066020976
+234(0)8055068145
+234(0)7013416146
+234(0)8094272884

Email addresses

info@dailysportsng.com
support@dailysportsng.com
publisher@dailysportsng.com

Office address

No 3, Adetoun Close, Off College Road, Ogba, Ikeja Lagos.
Website: www.dailysportsng.com

Social Media