McLaren has reportedly received a £300million cash boost from shareholders to overcome the financial impact of the coronavirus.
Like every company and Formula 1 team, the Woking-based brand has been dealing with the loss of revenue and shutdown of operations caused by the pandemic, though has been helping in the ‘Project Pitlane’ effort to produce medical supplies.
Even so, lower-level staff have been furloughed, while senior bosses and drivers have taken pay cuts to try and help ease the burden.
McLaren CEO Zak Brown has also been vocal in calling for action from Formula 1 to cut costs, indicating their future in the sport was not guaranteed unless measures were made to improve sustainability.
And while that push continues, there is at least some security from this injection of funds from shareholders in addition to talks for a further investment of working capital from third parties currently taking place, according to the Daily Mail.
The report continues by stating McLaren is set to cut production on the road car side of the business from 4,662 to 4,000 units this year.
While accounts claim the £300million boost “has been deployed to support the group during this period of unprecedented shutdown”.
While McLaren is considered best of British, the company itself is Bahraini owned with Mumtalakat sovereign wealth fund owning almost a 58 percent majority stake.
