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McLaren to sell and lease back Woking factory
McLaren will sell their Formula One headquarters and lease it back long-term to raise cash and reduce the company's debt, the team's chief executive Zak Brown said on Saturday. The American told reporters in a Zoom call ahead of the Tuscan Grand Prix that it was a straightforward financial exercise. "Why have all this money tied up in real estate? We're not a real estate company, we're a racing team and an automotive company," he said of the Norman Foster-designed McLaren Technology Centre in Woking. "We've got a lot of cash tied up in that building and that's not a very productive use of funds when you're looking to invest in your business." The McLaren Technology...
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