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McLaren could mortgage factory and classic F1 cars
McLaren is considering mortgaging its factory and classic Formula 1 cars in an attempt to raise funds to see it through the financial uncertainty caused by the coronavirus crisis. Sky News reports that the British F1 team owner McLaren Group is in talks to raise up to £275m by mortgaging its iconic Surrey headquarters and one of the world’s most valuable historic car collections. The strategy is being pursued by McLaren and its advisor JP Morgan after it emerged the UK government’s Department for Business, Energy and Industrial Strategy had rejected a £150m loan plea. The supercar maker is looking to shore up its balance sheet after taking a financial hit due to a lack of sales and...
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