'McLaren about to sell headquarters'
McLaren.com
F1 News
- GPblog.com
Several Formula 1 teams have been hit financially by the coronavirus crisis and McLaren is one of them. They have already managed to secure some funding in 2020 and they are now facing the next big step. Sky News reports that McLaren is to sell its headquarters to TPG, a private equity group, for £180 million.
Sale completed this month
Sky News writes that they understand McLaren are in talks with TPG. TPG is one of the largest buy-out companies in the world and is said to be offering £180m for the Surrey plant and all that it entails. If all goes through, the transaction could be completed this month.
This does not mean that McLaren will have to look elsewhere because they will stay where they are now. This will be done with another owner of the building under a 'sale-and-leaseback construction, where they will rent their own building from TPG. This would enable the team to continue where they are now and strengthen their financial position.
Meanwhile, the team also has a loan from the national bank in Bahrain for £150 million, which was taken out last year. Furthermore, the company has sold a minority stake in the racing division to a consortium led by MSP Sports Capital.