in , , ,

Report: McLaren considers selling minority stake in F1 team

Getty Images The McLaren Group is considering the sale of a minority stake in its Formula One team in a bid to help raise ‘hundreds of millions of pounds’ to mitigate the financial impact of the coronavirus pandemic, according to Sky News. Any sale would reportedly involve McLaren parting with between 20 per cent and 30 per cent of its Formula One business, which Sky said would generate ‘tens of millions of pounds’. McLaren, whose Formula One outfit has won 12 drivers’ championships and eight constructors’ championships since its first entry in 1966, has reportedly considered a deal during discussions with advisers and lenders in recent days. The idea is reportedly at a ‘conceptual stage’ and is being considered alongside other funding options, including raising capital from existing bondholders. Bankers have yet to be formally appointed to handle the process, the report added. McLaren's on-track operations, which include its participation in IndyCar’s Indianapolis 500 race, account for roughly 20 per cent of the group's annual revenues.

Read more at:
https://www.sportspromedia.com/news/mclaren-f1-team-minority-stake-sale-investment-coronavirus

What do you think?

50 points
Upvote Downvote

Written by SportsPro

Leave a Reply

Your email address will not be published. Required fields are marked *

La Liga return brings 48% overseas TV figure increase

ATP and WTA announce August return