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McLaren gets a $185 million boost

DUBAI — British supercar manufacturer McLaren Group, which includes its Formula One team, has arranged a 150 million pound ($185.2 million) financing facility with the National Bank of Bahrain (NBB), the Gulf bank said on Monday. The COVID-19 pandemic has hit the company hard, with sales plunging during a factory shutdown. It announced 1,200 layoffs in May. "Final documentation has been signed and all the necessary approvals have been granted in relation to a ... 150 million (pound) financing facility," NBB said. Bahrain sovereign wealth fund Mumtalakat Holding Co is the majority shareholder in McLaren Group, with a 56% stake. Mumtalakat also holds a 44.06% stake in NBB while the government of Bahrain holds a 10.85% stake. McLaren's Formula One future was never in doubt despite the cash crisis, team principal Andreas Seidl said on Tuesday. "It was a tough period for the team, steering a team through these financial difficulties we were in," Seidl told reporters. "The positive news we had yesterday about the funding which is in place now, is I think an extra boost, an extra motivation for all of us who are fully focused again on what we like to do most and what we do best." McLaren was the first team to furlough staff, with drivers Lando Norris and Carlos Sainz also taking pay cuts, and the team also went through layoffs, a move that also reflects Formula One's 2021 budget cap. "With me and (McLaren Racing Chief Executive) Zak (Brown) having detailed knowledge of what was actually going on ... there was never a doubt of McLaren not being on the grid next year," said Seidl. The financial issues had not affected this season, he added, with regular performance upgrades planned. While some infrastructure projects had been put on hold, Seidl said he was pushing to get them going again although McLaren still had to be cautious due to uncertainty over how many races there would be and the impact on revenues. The German suggested some headlines that triggered alarm, with talk of mortgaging historical cars and the McLaren headquarters building in Woking, England, or selling a minority stake in the team, reflected McLaren's search for the best possible option in terms of funding. "(It was) finding the right funding which would not only get us through this crisis but also put us in the best possible position to be competitive in the future. So I am very happy with the news from yesterday," he said.  

UPDATE: Formula 1 Halo protector surely saved a life at Belgian Grand Prix

The hotly-debated F1 halo cockpit protection structure got much attention over the weekend, as the one mounted on Charles Leclerc's Sauber appears to have successfully deflected Fernando Alonso's McLaren from hitting Leclerc on a first-lap incident at the Belgian Grand Prix. The scrapes on the Sauber's halo work well to convert former disbelievers into supporting the structure. There is a real chance Leclerc could have been seriously hurt or killed in the crash, but as it happened, the incident only meant the end of the race for Leclerc, not a season, career or life. The image tweeted by the official F1 account speaks volumes: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Later, F1 tweeted this pretty wild 360-degree video from Leclerc's car: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. And as "Top Gear" presenter Chris Harris tweeted: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Back when the season began, the Mercedes-Benz F1 team announced that the halo on the Mercedes car is strong enough to bear the weight of a double-decker London bus. As well as flying debris, detached wheels — and entire flying Formula 1 cars.   This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2018 Belgian Grand Prix: Race Highlights Related Video:

McLaren reveals top-exit exhaust of new model, announces launch date

McLaren just released some more tidbits of info about its next car, including a new teaser image. This one explains the lack of the exhaust in the last photo: The exhaust comes out of the top of the engine cover. Two big outlets sit at the back and center of the engine cover, and it looks like they're just ahead of the retractable rear spoiler. They certainly look cool, probably sound cool, and we wouldn't be surprised if there's a performance reason behind this placement. Besides the sneak peek at the exhaust, McLaren made a few broad statements about the car. It said that it will be more powerful and lighter than whatever it's based on.The company also indicated earlier that the car will be very hardcore and uncompromised. From the previous teaser, we're fairly certain the car is based on the Sports Series McLarens that include the 570S, 570GT and 570S Spyder in the U.S., and the 540C in other markets. Since the names of the cars are based on horsepower, and this one will make more than the current 570 models, it probably won't use the 570 moniker. We also won't have to wait too long to see the car revealed. The company will show it off on June 28 at 7 a.m. Eastern time. We'll then get to see it in action when it heads up the hill at Goodwood Festival of Speed on July 12. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: McLaren McLaren Coupe Performance Supercars mclaren 570s