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McLaren set to mortgage classic F1 collection to raise funds

by Zane Shackleton
May 16, 2020
in Formula 1, International, News
0

McLaren is reportedly set to mortgage its classic car collection and Surrey factory complex in a bid to raise upwards of £275 million.

The British marque has suffered a significant fall in revenue due to the current Formula 1 season yet to turn a wheel on the track.

British financial experts are anticipating the domestic automotive economy now rests on the verge of a significant recession period.

It is believed that an initial government-back loan of £150m was rejected, compelling the company to find alternative ways to raise necessary capital amid the coronavirus pandemic.

Earlier this year McLaren shareholders, who are led by Mumtalakat, Bahrain’s sovereign wealth fund, injected £300m of equity into the company.

But reports from Sky News overnight are now suggesting that McLaren’s financial advisors are in the process to borrow money against its classic car collection.

“Like many other British businesses McLaren has been severely affected by the current pandemic and we are therefore exploring a variety of different funding options to help navigate these short-term business interruptions,” a McLaren spokesperson said.

Although several cars have been sold across the years, McLaren’s collection is said to be valued between £200-250m and includes F1 cars driven by Lewis Hamilton, Mika Hakkinen, Niki Lada, Alain Prost and Ayrton Senna.

A significant portion of the 4000 McLaren staff has been furloughed for several weeks as the UK government continues to enforce mass gathering limits.  

In 2017, following an acrimonious dispute between former boss Ron Dennis and the McLaren Board, the company reject a £1.65bn takeover bid from a consortium of Chinese investors.

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