MX23RW : Sunday, July 12 23:05:58| >> :120:50072:50072:

McLaren's financial problems 'solved' - Brown

McLaren's financial problems 'solved' - Brown
© Reuters
McLaren's financial problems "have been solved".

McLaren's financial problems "have been solved".

That is the claim of team supremo Zak Brown, mere days after it emerged that McLaren was actually looking towards a July hearing in the London High Court to avoid insolvency.

Shortly after that news, rumours that McLaren could be rescued by a loan from the National Bank of Bahrain emerged.

When asked about the alarming situation at Woking, Brown told Auto Motor und Sport: "The problems have been solved.

"You will hear positive news from us in the next few days."

McLaren will then be well position for the future with the budget cap coming in for 2021 and beyond, he added.

"We are able to make full use of the cost cap and do our program as planned. With a strong driver duo, this will put us back on the road to victories and titles," said Brown.

However, it has been rumoured that the financial problems were so dire that construction of a new wind tunnel and simulator were scrapped.

Brown insisted: "When the virus broke out, all programs were stopped. Our shareholders first wanted to see how the situation would develop.

"With the financial problem sorted out, these programs are slowly starting up again. We are still careful because we don't know how many races or Formula 1 earnings there will be this year, or if there will be a second wave of infections.

"But we are back in business," Brown said. "In five years, McLaren Racing will be worth a lot more money than it is today."

ID:404314:

Click here for more stories about Zak Brown

Click here for more stories about McLaren

Share this article now:
Daniel Ricciardo pictured on November 14, 2019
Read Next:
No Renault freeze for McLaren-bound Ricciardo
>
Latest Sports Video
Did you know...?
Read more about Zak Brown Formula 1

rhs 2.0
Premier League
Championship
La Liga
Serie A
Turkish Super Lig
Greek Superleague
Swiss Super League
Russian Premier League
Ukrainian Premier League
Norwegian Eliteserien
Swedish Allsvenskan
Danish Superliga
Finnish Veikkausliiga
Belarusian Premier League
Segunda Division
Major League Soccer
J1 League
Brasileiro
Chinese Super League

Subscribe to our Newsletter


Transfer Talk Daily
Match previews - twice weekly
Morning Briefing (7am UTC)
Ultra close-up image of Kevin De Bruyne [NOT FOR USE IN ARTICLES]Get the latest transfer news, match previews and news direct to your inbox!