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McLaren's £200million investment covered Honda breakup costs
McLaren used Michael Latifi's £200million investment to cover the costs of the split from Honda last season. Honda had been paying an incredibly high amount of money towards the team's budget, including the contract of Fernando Alonso. McLaren Group’s chief financial officer Paul Buddin said in an investors call that the costs of the split were soaked up using the fresh investment from the Nidala group, owned by F2 driver Nicolas Latifi's father. “The reason we went for that equity was that we recognised our decision, for performance reasons, to take the Honda engine out of the Formula 1 car, would have a significant impact on our cash flows within Formula 1,” said...
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7y ago from GPBlog.com
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