McLaren is looking to sell a share of its Formula 1 team after months of hardship triggered by the coronavirus pandemic and the delayed start of the F1 season.
Last week it was confirmed the British company’s short-term future has been guaranteed after it secured a $182 million loan from the National Bank of Bahrain. It is now being reported that shareholders have given the go-ahead for McLaren to look at other ways of raising funds to secure its medium-term future for the next five years.
Autocar claims that the company is having advanced discussions to sell a part of its Racing division that includes the McLaren Formula 1 team. There have been claims McLaren could also look to sell a share of its Automotive and Applied Technologies divisions, but rumors of a share of the Automotive business being sold appear unfounded.
“We are considering the option of additional investors in the Racing business,” a McLaren spokesman confirmed in a statement.
McLaren Racing will clearly need a lot of money to achieve its goal of returning to the front of the Formula 1 field. The team had a successful year in 2019 on the track and over the weekend, McLaren driver Lando Norris finished in 3rd place at the Austrian Grand Prix while his teammate Carlos Sainz secured 5th in the 2020 season inaugural race in Austria.
While it has been claimed McLaren could look to sell a share of its Automotive business, a sale of Applied Technologies is perhaps more likely. However, Autocar says that because Applied Technologies relies so heavily on racing-derived technology and expertise and looks to apply it to everyday industries, selling a share in it could prove complex.