23 May 2024
McLaren borrows EUR48m from HSBC
To buy back the formula one team from Mercedes
McLaren has reportedly borrowed nearly EUR50 million to build its new production car factory and buy back the formula one team from Mercedes.
The Independent newspaper said it the first debt the Woking based company has taken on since 2005.
A spokesman said the HSBC loan will also "provide head room on its facilities to assist in the buyback of the remaining Daimler shares by the end of 2011".
McLaren’s intellectual property, cash in the bank, and its land and buildings at Woking, are providing the security for the loan, according to the report.
The British company is reportedly also offering 48 per cent of the new Ron Dennis-headed road car business McLaren Automotive to private investors.
Search
Formula 1 news
23 May 2024
F1 in talks to raise Monaco’s annual race fee
23 May 2024
F1 not ruling out new race deal for Barcelona
23 May 2024
Sainz ’has chosen Audi’ for 2025 and beyond
23 May 2024