Minority stake in McLaren F1 team up for grabs

Date published: November 11 2020

McLaren selling stake in F1 team

McLaren plan to sell part of their Formula 1 team, while Brookfield want to secure a £200million-deal for McLaren’s HQ, according to reports.

Sky News are reporting that the American property giant are one of several bidders who are set to table an offer of £200million for McLaren’s state of the art headquarters in Surrey.

Their report states that there has been “substantial interest in the Formula One team-owner’s HQ – which includes the McLaren Technology Centre – with Brookfield one of a number of parties participating in the sale process”.

It’s believed that the deal would involve the leaseback of the facility to McLaren so that they can continue using it, but they would then have funds in the bank after taking a major financial hit during the global pandemic.

McLaren have already secured a £150million-loan from the National Bank of Bahrain with the nation holding a 56.4% stake in the McLaren Group through its sovereign wealth fund.

The report adds that McLaren hope to sell a minority stake in its Formula 1 team, inspired by the recent sale of Williams to Dorilton Capital.

“The sale-and-leaseback process continues with a number of world-class investors who have shown strong interest in the McLaren brand and investment opportunity,” a McLaren spokesperson told Sky News.

McLaren

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In a previous statement issued to Sky News, McLaren said: “The potential sale and leaseback of our global headquarters and the appointment of banks to advise us on a debt restructuring and equity raise are part of the comprehensive refinancing strategy announced earlier this year.

“Building on the shorter-term measures we put in place over the summer, these initiatives will deliver a stronger balance sheet and ensure McLaren Group has a sustainable platform for long-term growth and investment.

“The proposed sale and leaseback mirrors best practice among leading companies and will have no impact on our day-to-day operations.

“The McLaren Campus, comprising the McLaren Technology Centre, McLaren Production Centre and McLaren Thought Leadership Centre, is an iconic, world-class facility that will remain our home in the future.”

The McLaren Formula 1 team are enjoying a fine 2020 season, sitting P4 in the Constructors’ Championship with a season-best finish of P2 courtesy of Carlos Sainz at the Italian Grand Prix.

Sainz’s team-mate Lando Norris has also made it onto the podium this year with P3 at the season-opening Austrian Grand Prix.

The team remain locked in a fierce battle with Renault and Racing Point for P3 in the Constructors’ standings and are currently just one point behind the French manufacturer and tied with Racing Point on 134.

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