F1 News
McLaren in heavy weather: Lawsuit to get money started in July
- GPblog.com
The McLaren Group is in heavy weather. The new Supercars were already ready for sale, but the corona crisis has thrown a spanner in the works. The problem, however, is that the bills have to be paid.
Problems for McLaren
Besides the Formula 1 team, McLaren has many other projects running. One of the profitable projects is that of the Supercars. In 2019 the income of no less than one and a half billion euros accounted for 83.9 percent of McLaren's income, where the Formula 1 project only accounts for more than twelve projects, reports Forbes.
The outlook for 2020 was good for McLaren, but the coronavirus has caused major problems. The costs for the new Supercars have already been incurred, but the income will not come from it now. McLaren has options to make up for this, but needs the court to do so.
To the court
All McLaren's valuables are fixed and cannot be sold at any time to the highest bidder. The Note is about this and at this moment they do not want to respond to McLaren who wants to rent out the historic cars and premises to temporarily get rid of the problems. However, because The Note does not give in, McLaren has to go to court.
According to Forbes, The Note proposes a different financing plan, because McLaren will be in bigger trouble if those cars cannot be repaid. Then it could end up in a situation in which Williams now feels the same and has no value at all to sell.
So McLaren will have to go to court for this, where the trial will start on July 2. It remains to be seen whether the British brand will actually get the money. So it's no surprise that McLaren is looking for new investors, in order to be able to close the gaps in another way.