After going through an extreme financial crisis in the last years, McLaren racing’s CEO, Zak Brown, decided to sell the team’s headquarters. A deal has been concluded for an amount of 170 million pounds.
McLaren has never really been in a very comfortable financial situation. Formula One is, of course, a big part of McLaren’s DNA but also a black hole for finances. The Woking-based team is encountering a very difficult financial situation at the moment and it is Zak Brown’s role to invert the balance.
In recent years, McLaren separated themselves from a big part of their historic cars collection and found new investors to raise funds. Nonetheless, it was still not enough for the British team to be in a comfortable situation. Last year, Brown, therefore, took the strong decision to sell McLaren’s beautiful Woking headquarters and to lease it for “an extremely long time”.
The deal was concluded today with the American company Global net lease for not less than 170 million pounds. The Formula One team, however, will not move away from its headquarters after selling them, as they concluded a 20-year lease deal at the same time.
“We are excited to announce that this world-class facility will become part of the GNL portfolio. (…) The McLaren Group Headquarters’ state of the art buildings have won numerous awards, were designed by renowned architect Norman Foster, and are the type of mission-critical, net-leased properties that make up the GNL portfolio,” said GNL’s CEO, James Nelson.