LONDON, June 18 — McLaren are considering selling a minority stake in their once-dominant Formula One team to raise funds to help the company weather the Covid-19 crisis, Sky News reported on Wednesday. It said the proposal was at a ‘conceptual stage’ alongside other options, including...
McLaren’s Lando Norris in action during testing at the Circuit de Barcelona, Catalunya, Barcelona, Spain February 21, 2019. — Reuters pic
It said the proposal was at a ‘conceptual stage’ alongside other options, including raising capital from existing bondholders.Bahrain’s Mumtalakat holding company is the majority shareholder in McLaren Group, with a 56 per cent stake, followed by the TAG Group led by Saudi-born businessman Mansour Ojjeh with 14 per cent.McLaren finished fourth overall last season with Spaniard Carlos Sainz, who is joining Ferrari next year, and Britain’s Lando Norris.
The Covid-19 pandemic has hit the sportscar maker hard, with sales plunging during the factory shutdown. The company announced 1,200 redundancies in May under a group-wide restructuring. McLaren said then that it was “looking at a number of potential financing alternatives, secured and unsecured, of up to 275 million pounds equivalent to strengthen its liquidity position.”
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