Fall in prize money puts McLaren in the red

McLaren's lackluster 2015 season - its first with engine partner Honda - negatively impacted the team's 2016 revenue according to financial results filed this week.

McLaren suffered a post-tax loss of £3.2m in 2016 year on turnover of £180m, a result which reflects reduced prize money associated with its performance in the previous season in which it finished only ninth in the Constructors' standings.

Last year, McLaren spent £23.7m in car development, an increase of £4.6m over 2015 partly justified by its investment in the design of new-spec 2017 challenger.

McLaren's Brown: 'F1 budget cap inevitable'

"On track our chassis has shown excellent results throughout the 2017 season with good correlation between testing and on track performance," commented McLaren Chief Operating Officer Jonathan Neale.

"We believe our new partnership with Renault Sport will provide a powertrain that, once combined with our chassis, will provide us with opportunities to achieve our goals and win races in the near future."

McLaren's partnership with Honda came with a substantial financial windfall, but the Woking-based outfit will have to foot the bill for its Renault engines on its own in 2018.

While McLaren's prospects for next season are on the rise, another year of under-performance this season will likely impact its 2017 numbers.

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.