“Formula 1 is a unique business” – McLaren Racing head Zak Brown has assured supporters of a pink of financial health after trouble brewed before the start of the 2020 season.
McLaren was fearing their existence prior to the 2020 season, in the face of financial difficulties arising from the Covid-19 pandemic.
They got bailed out after a £150m investment from the National Bank of Bahrain, and £185m from US investors’ consortium MSP Sport Capital.
Additionally, McLaren Technology Centre’s base was sold off for £170million, while Saudi Arabian state-backed Public Investment Fund [PIF] invested £550million to smoothen out things further, financially.
Rise of the fallen giants?
McLaren Group’s key stakeholder Mumtalakat has kept things moving for the British team, with results improving on the track. The team should be capable of competing for the title in the next few seasons.
Racing boss Zak Brown is proud of what they’ve overcome, and has assured one and all that the giants are in the pink of their financial health, and ready to climb up the top of the podium this decade.
“We are in great financial shape. Our sales are growing rapidly. I think we have announced more commercial partners than any other Formula 1 team.
“MSP has given us the financial resources we need to become profitable.
“They were a very stabilising factor within the racing team both fiscally and emotionally. They are great partners. They are sports investors and want to win. They understand the sport because Formula 1 is a unique business. So we couldn’t be happier after a year.
“With the results on and off the track and the investment, the morale in the team has never been better.”
