McLaren to sell and lease its plant – Motorsport.com

Andreas Seidl confirmed on Friday an information previously released by Sky News, according to which the McLaren Technology Center in Woking will be sold before the team becomes a tenant. The operation aims to further consolidate the finances of Mclaren, which has had a difficult period, but the team leader assures us that this is a process that has been envisaged for many months and which will not have repercussions on F1 operations.

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Last spring, in the midst of the coronavirus crisis, McLaren already had to react economically and resort to a loan of 161 million euros from the National Bank of Bahrain. With the operation looming at the plant, it is 215 million euros that McLaren hopes to inject to bail out the coffers. "It is simply part of the refinancing strategy that was announced earlier this year by the McLaren group", specifies Andreas Seidl, interviewed by Motorsport.com. "It doesn't affect our daily life on the F1 side. And that's really all on my side."

In a press release, the McLaren Group confirmed that the sale and then lease of the Woking plant had been under consideration for several months. The goal is to restructure the company's debt and continue to implement a strategy to ensure its economic viability.

The McLaren Technology Center is one of F1's most iconic factories. The place was created under the leadership of Ron Dennis, when he was boss of the British team. The buildings were built from 1999 on a site of 500,000 m² and were the subject of several phases of work, the most recent of which was completed in 2011.

Interview by Jonathan Noble

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