Sources: McLaren exploring partial sale of Formula 1 team
McLaren are exploring the option of selling a partial stake in the Formula 1 operation, Formula1.com understands.
The news first emerged in a Sky News story on Wednesday night. In response, a team spokesperson said: “We don’t comment on speculation.”
However Formula1.com has learned McLaren are in the exploratory phase of selling a minority share with the aim of using the funds to bolster their resources and help take the fight to the big three teams.
Should any sale go ahead, and the option is at a conceptual stage at this time, it would impact the F1 operation rather than the group as a whole.
It comes weeks after it was revealed the McLaren Group are set to make around 1,200 employees redundant across their technology, automotive and racing businesses.
The move was part of a restructure in response to the impact of the coronavirus pandemic and the implementation of a budget cap in F1 from 2021 onwards.
Meanwhile, last month rivals Williams said they are considering selling a minority or majority stake in their F1 team as they pursue a “new strategic direction” to ensure they are “well positioned to take advantage of F1’s new ear which will begin in 2021”.
McLaren made huge progress last season, emerging as the strongest team in the midfield to finish fourth in the constructors’ championship, their best season finish since 2012.