- McLaren is selling off its vast collection of historic sports cars and Formula 1 cars to raise capital, as Bloomberg reports and Car and Driver with a McLaren spokesperson confirming.
- The additional capital is needed to finance “certain technical upgrades” for the Artura supercar that have led to delivery delays, the automaker said.
- The Artura features a hybrid V-6 powertrain and is built on an all-new platform called MCLA.
McLaren is taking a creative step to deal with a looming financial burden that appears to be looming. As first reported by Bloomberg, the British sports car maker has sold cars from its own collection of heritage vehicles to help it finance the upcoming Artura hybrid supercar—but without losing control of them.
A spokesman for McLaren declined to provide Car and Driver with a list of which vehicles have been sold but confirms that the cars are not going away. In fact, they are licensed back to McLaren and remain at the Woking headquarters. McLaren hopes to buy back the entire collection as part of the recapitalization plan involving shareholders, which the spokesman said it hopes will be completed in Q1 next year.
It’s no secret that McLaren has been strapped for cash for a few years now. In 2020, after halting production and cutting 1,200 employees from its workforce, the Woking, England outfit was bailed out by the National Bank of Bahrain. No surprise there as the Bahrain Sovereign Wealth Fund (Mumtalakat) is the primary shareholder of both the bank and McLaren. In the same year, the company was denied a line of credit with the British government worth approximately $160 million. One year later, McLaren agreed to a deal in which the company would sell its Woking headquarters to a property investment trust for slightly more than $200 million and remain as tenant on a 20-year lease.
McLaren has been trying to sell off its collection for at least two years, but the company has faced pushback from holders of existing debt. McLaren’s 2021 annual report states that there are approximately 54 vehicles in the collection and notes: “There is a market for these assets, and the Group may decide to sell a specific and limited number of these cars to specialist collectors from around the world. for sale.” As of December 31, 2021, the heritage collection was worth the equivalent of about $42 million, according to the same annual report. This is no surprise for a collection that includes Formula 1 cars driven by Niki Lauda, Alain Prost, Ayrton Senna and Mika Häkkinen, plus the car that brought Lewis Hamilton his first World Championship.
This content is imported from OpenWeb. You may be able to find the same content in a different format, or you may be able to find more information on their website.