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Renewed energy for McLaren in the face of the pandemic

Renewed energy for McLaren in the face of the pandemic

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Luxury sports car manufacturer McLaren has announced the sale of one third of its McLaren Racing team to investor MSP Sports Capital for £185 million (202 million). Although the group has gone through a complicated period due to the pandemic, it is nevertheless regaining confidence in itself.

A few months earlier, the British manufacturer had announced that it was cutting a quarter of its workforce in Woking (head office), or 1,200 jobs, due to the impact of the coronavirus crisis on its activities.

 

Indeed, the manufacturer, mainly known for its F1 team, has suffered heavy consequences due to the total stop of sporting events. This Sunday the group has thus made official the sale of a minority share of its stable in order to allow the entry of a new investor.

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Motor sport has indeed not been ignored by the virus, and between positive and negative changes, McLaren Racing is particularly aware of the economic changes that F1 has had to undertake. The expenditure ceiling initially set at 175 million dollars had been lowered to 145 million dollars for 2020, 140 million dollars for 2022 and 135 million dollars for 2023-2025. As a result, McLaren was forced to cut 70 of the 800 posts in this category.

 

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Featured photo: © McLaren

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