Categories: News

McLaren F1 team is going to sell its headquarters … for 210 million euros

The impressive McLaren Technology Center
Photo: McLaren

Like several other F1 teams, McLaren is also in a difficult financial situation. The pandemic with the coronavirus is seriously affecting it and it has been an open secret for some time that McLaren is exploring all kinds of options to improve its financial situation.

During the beginning of the corona crisis, McLaren tried to obtain a loan from the British government but received no positive response. A round of layoffs of more than 1,200 jobs at McLaren followed and the driver duo also lost salary.

In the aftermath of the UK government’s denied loan, Mumtalaka, a Bahrain-based investment fund, invested over £ 300 million in McLaren a year ago, but that didn’t end the search for additional capital.

There had been reports for some time that the McLaren Technology Center would be put up for sale and, according to Sky Sports, McLaren appears to be close to a sale to private equity group TPG. This would involve an amount of about 180 million British pounds, converted about 210 million euros.

Through a sale and lease back construction, McLaren would sell its headquarters and then rent it so that it can simply remain in the same location. The advantage is that money comes in in the short term, in the longer term there is of course a lot more money to be spent.

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