Financial Issues May Cause McLaren To Sell A Stake Of Its Formula 1 Team

McLaren is planning to sell a portion of the Formula 1 team to secure its financial future. The British company has been severely affected by the global pandemic, and it has been struggling financially. Reports of their plan to sell began as early as June associated with an effort by McLaren to raise funds so they could remain afloat.

According to a Carscoops exclusive, the company managed to secure a $182 million loan from the National Bank of Bahrain. They are also having advanced discussions about selling a large part of the racing division.

The Formula 1 team will need a lot of money to achieve a return to the top of the grid. The 2019 cycle was a good year for the team in the championship, and over the past weekend, Lando Norris managed to place third in the Austrian Grand Prix. His teammate, Carlos Sainz, placed fifth in the first race of the 2020 season.

McLaren seems to have continued its trajectory upwards from the previous season. However, that is hard to conclude based on just a single race. Norris did an excellent job of capitalizing on the situation. There is hope for the team to gain more points in the next races.

There are considerations though of how Daniel Ricciardo of Renault is going to acclimate to McLaren, considering he will replace Sainz after the 2020 season. Ricciardo was in talks with Ferrari for some time before finally deciding to go with McLaren. He has more than a decade of experience in Formula 1 and has had seven wins and 29 podium finishes.

Ross Brawn, McLaren F1 managing director, said Sainz's exit would have a subconscious effect on Lando Norris, GPFans reported.

"I’ve felt it before during my time working in a Formula 1 team," Norris said. "No matter how professional you are, when someone is leaving, the way you are with a driver who is leaving, versus a driver who is staying, is different."