Zero impact on F1 team from McLaren factory sale

Date published: September 17 2020

Carlos Sainz Jr (ESP) McLaren MCL35 - front wing.

McLaren F1 team principal Andreas Seidl is clear that the proposed sale of McLaren’s HQ will have zero impact on its Formula 1 team.

It isn’t the first time that the sports car company have tried to raise a large chunk of cash since the pandemic. Plans have been revealed previously to mortgage the McLaren Technology Centre in Woking, whilst they also considered selling their collection of classic cars to raise funds.

There was also talk of selling a stake in the F1 team, though the company did secure a £150 million loan from the National Bank of Bahrain.

Now Sky News have reported that the McLaren HQ is at the focus of a cash-raising plan again with McLaren looking to raise up to £200m by selling the facility and then leasing it back.

But Seidl has assured that this is a continuation of plans from earlier this year, not a fresh appeal for financial help. He also said that the sale would have no impact on the F1 team.

Asked by Motorsport.com if the cash concerns were back, Seidl said: “No, that’s simply a part of the refinancing strategy that has been announced earlier in the year of the McLaren group. It doesn’t affect our daily business on the F1 side. And that’s all really from my side.”

In an official statement McLaren shed further light on the reasons behing the proposed sale of the MTC.

“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 that we announced earlier this year,” they confirmed.

“Building on the shorter-term measures that we put in place over the summer, these initiatives will deliver a stronger balance sheet and ensure that 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.”

Get your hands on the official McLaren 2020 collection via the Formula 1 store

On the track McLaren are enjoying a fine campaign as they continue their recovery up the grid.

Both Lando Norris and Carlos Sainz have finished on the podium in 2020, with Sainz’s P2 at the Italian Grand Prix proving to be McLaren’s highest race finish since 2014.

McLaren currently hold P3 in the Constructors’ Championship, 67 points behind Red Bull.

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