The British Formula One team-owner McLaren Group is in negotiations to raise up to £275m by mortgaging its spectacular Surrey headquarters and one of the world’s most valuable historic car collections.
The balance sheet has taken a massive hit as the F1 season has failed to get away this season which is costing teams massive amounts in lost revenues in ways of appearance and prize monies, where a team normally is paid for turning up to race and paid for each position in the actual race on a structure to where they finish.
Sources told the RTN the team are looking to raise between £250m and £275m by borrowing against the value of its HQ and a company-owned collection of cars driven by the likes of super star Ayrton Senna, the former F1 world champion, and Bruce McLaren, the group’s established founder.
Some of these super cars are said to be valued at tens of millions of pounds each, with the entire collection holding a value more than £250m.
The company’s Woking HQ is also estimated to be worth more than £200m on a standalone basis that was superbly organised in build by Ron Dennis who admitted to having an OCD when it came to detail.
The funds would then be repaid “at the earliest opportunity” when revenues recover to normal levels, and the team can get back our racing and earning.
The teams first outing this season could potentially though be across the pond in Indianapolis as they compete for the Indy 500, with former world Champion from Spain Fernando Alonso at the wheel, the race has been delayed from the traditional end of May until the end of August where the biggest race in the world will get back on track.