Formula 1
Austrian Grand Prix

McLaren's Formula One future was never a doubt, says Andreas Seidl

Share this with
Copy
Share this article

A general view of the Mclaren F1 Racing team headquarters on May 27, 2020 in Woking, United Kingdom. The British government continues to ease the coronavirus lockdown by announcing schools will open to reception year pupils plus years one and six from Jun

Image credit: Getty Images

ByReuters
30/06/2020 at 16:10 | Updated 30/06/2020 at 16:10

McLaren's Formula One future was never in doubt despite a cash crisis brought on by the Covid-19 pandemic and now resolved by a fresh injection of funds, team principal Andreas Seidl said on Tuesday.

Mercedes to use black-liveried cars in stand against racism

Formula 1 returns: Everything you need to know about the F1 season

Austrian Grand Prix

'Better to be racing like this than not at all' - F1 stars on resumption

20 HOURS AGO

The National Bank of Bahrain announced on Monday a £150 million financing facility for the McLaren Group, which includes the team and supercar manufacturer.

Bahrain's sovereign wealth fund Mumtalakat Holding Co is McLaren's majority shareholder.

"It was a tough period for the team, steering a team through these financial difficulties we were in," Seidl told reporters on a Zoom call.

"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 Formula One test pilot Gary Paffett of Great Britain is pictured during the first of a three-day test session at the Autodromo Internacional do Algarve race circuit on the outskirts of Portimao, Portugal, on December 15, 2008.

Image credit: Getty Images

McLaren were the first team to furlough staff, with drivers Lando Norris and Carlos Sainz also taking pay cuts, and have had to implement redundancies -- 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 assets 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.

Austrian Grand Prix

Valtteri Bottas wins in Austria ahead of Lewis Hamilton after drivers take a knee on the grid

YESTERDAY AT 14:43
Austrian Grand Prix

Charles Leclerc says Ferrari's pace 'not even close' to expectation

04/07/2020 AT 21:32
Related Topics
Formula 1Austrian Grand Prix
Share this with
Copy
Share this article