McLaren confirm factory sale
News of the factory sale comes in the wake of a major financial headache for McLaren earlier this year, as the coronavirus pandemic hit both its automotive and racing businesses. It had to arrange a £150 million loan with the National Bank of Bahrain to see it through the lockdown period, and it has looked at other financing ideas too, including the potential sale of a minority stake in the team. But despite the move to raise extra cash through the factory sale, Seidl is clear that it is not an urgent response to any fresh financial concerns and is instead part of what was planned earlier in the year.
Asked about if there were new cash flow concerns, Seidl said: “No, that's simply a part of the refinancing strategy that has been announced earlier in the year of the McLaren group. It doesn't affect our daily business on the F1 side. And that's all really from my side.” McLaren echoed Seidl’s comments in a statement that the sale was something in the planning for months, as the Woking-based company tried to plot its way out of the coronavirus crisis.
"The potential sale and leaseback of our global headquarters and the appointment of banks to advise us on a debt restructuring and equity raise are part of the comprehensive refinancing strategy that we announced earlier this year,” the team said."Building on the shorter-term measures that we put in place over the summer, these initiatives will deliver a stronger balance sheet and ensure that McLaren Group has a sustainable platform for long-term growth and investment. "The proposed sale and leaseback mirrors best practice among leading companies and will have no impact on our day-to-day operations.”
The McLaren Technology Centre is one of the most iconic F1 factories, and was the brainchild of former team boss Ron Dennis. The original planning application for the facility was lodged as far back as 1995, with staff first working in the Norman Foster designed building from 2003.
Some of Vettels contract details (according to Bild)
Sebastian Vettel has signed a new contract with Aston Martin for 2021. The team currently racing as Racing Point has not announced anything about the deal, but German media know the salary and duration of Vettel's contract. Vettel was told at the beginning of 2020 that he had to leave Ferrari and since then people have been wondering what Vettel is going to do. It turns out that Aston Martin and the German Bild have more clarity about the contract. Of course, Vettel received a decent salary at Ferrari as a four-time world champion, but he has to sacrifice some of that.
According to the German Bild, Vettel will earn EUR 15 million a year at Aston Martin. That is a lot less than the amount that Vettel received at Ferrari. At the Italian race stable, Vettel raised EUR 45 million a year, but with the corona crisis and its shape in recent years, the reduced salary is no surprise. In addition to the amount, there is also more clarity about the duration. According to Bild, there is no question of a multiannual deal. Only for 2021 is it clear that Vettel will be racing, but the long-term project will want to see Vettel first in order to stay attached to the team even longer.