F1 News
McLaren doesn't get loan from the UK government; looking for hundreds of millions
- GPblog.com
In order to weather the corona crisis, the McLaren Group, the umbrella organization of the Formula 1 team, had applied for a loan of 150 million pounds from the UK government. This application was rejected this week.
That's what sources report to Sky News. Although the McLaren organization is kept afloat by money from the desert, it has every appearance that that well will also dry up once. In addition to the loan of 150 million, they would be looking for a sloppy 300 million pounds to absorb collapsed sales.
It is therefore not surprising that the Formula 1 team of McLaren is one of the biggest advocates of introducing a lower budget ceiling. That limit has already been reduced last week from 175 to 145 million dollars, but McLaren had even bet on a limit of 100 million dollars.
In addition, McLaren was the first team to send their employees on leave after the cancelled Australian Grand Prix and drivers Carlos Sainz and Lando Norris were the first drivers to voluntarily surrender part of their salary.