Saudi Arabia has given McLaren’s parent company a boost of £550 million to secure its long-term future.
When COVID-19 hit last year, McLaren needed to mortgage their classic car collection to keep afloat and was at a real risk of collapsing. Now their long-term future looks to be assured, with its investors, including the Saudi’s Public Investment Fund, gifting the team a total of £550 million.
“Building on the short-term measures that we put in place last summer in response to the global pandemic, McLaren has taken a number of significant steps to put the company on a stable footing for the long term, with the close support of its advisors and existing shareholders.” Paul Walsh, McLaren Executive Chairman said.
“Following the strategic investment into Racing that we secured last year, this successful equity raise is a key element of our comprehensive financial strategy to support the Group’s sustainable growth plans.”
“The strong appetite we have seen from investors reflects the continued confidence in McLaren’s iconic brand, industry-leading technology, and exciting long term growth prospects, underpinned by a more focused strategy and a stronger, more efficient capital structure.”
“We look forward to working with Ares and PIF as they contribute their experience and knowledge to the board.”
McLaren ended FP1 with both drivers in the top 10, with the team hoping it stays that way for the rest of the weekend.