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McLaren takes legal action in a bid to secure urgent funding
The McLaren Group has launched legal action in an effort to secure urgent funding to keep it from having to sell a stake in its Formula 1 team, reports the BBC. McLaren has hit financial difficulty as sales of its cars have plunged to an all-time low thanks to the coronavirus pandemic, whilst revenues from F1 are also set to fall as a result of fewer races. The automotive group attempted to raise additional funding by securing a loan against its heritage collection and Surrey factory, which could raise as much as £275 million. However a group of existing investors have blocked the move, claiming a bonds issue in 2017, which raised £600m, is already secured against these assets and...
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4y ago from MotorsportWeek.com
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