The McLaren Group, which includes the eponymous motor racing team of Formula 1, plans to raise up to £ 275 million ($ 335 million) investment, laying the industrial complex in Woking and part of his collection of historic cars, including the championship race cars of Niki Lauda, Ayrton Senna, Mika h? kkinen and Lewis Hamilton, reports Sky News.
This need emerged after the British government refused to allow McLaren to loan, for which the group companies have applied because of the pandemic has fallen sharply the demand for sports cars, manufactured by its automotive division.
In addition, the beginning of the season in Formula 1 is delayed by several months, which inevitably leads to a decrease in payments from the owners of the Series of Liberty Media, and only exacerbates the financial problems.
“Like many other British companies, McLaren is seriously affected by the current pandemic and therefore we are looking at various options of financing to cope with the forced pause in the business”, – quotes the representative of the McLaren Group publishing.
We will add that in March, the Bahraini Mumtalakat holding company, the holder of a controlling stake in McLaren, has already invested £ 300 million as urgent support to the group of companies, which employs around 4 thousand people, because most of them is currently on forced leave.
Financial Advisor – JPMorgan recommends McLaren to issue bonds, proposing them to its current shareholders, with the obligation to repay them as soon as the income get back to normal.