Categories: F1 News, Reports and Race ResultsMcLaren

McLaren reports big loss for 2014

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The McLaren Technology Group just filed its accounts for the year ending December 31, and reported a pre-tax loss of £22.6million.

The company, which encompasses McLaren's production, engineering and racing activities, said it had slipped into the red as a result of a material revenue shortfall of approximately £13million associated with a loss of sponsorship and prize money following a disappointing 2014 race season, together with restructuring and development costs.

It its statement, McLaren Chairman Ron Dennis said: "Formula 1 is and always will be a core area of activity for us."

He also added that he aimed to make the firm about more than Formula 1, with the ambition of applying its motor racing technology and expertise to sectors such as energy, pharmaceuticals, and financial services.

With McLaren sinking to new lows this year in F1 as it endues the worst campaign in its history, more losses by the company must be expected. Dennis insists however that the F1 division would return to 'race-winning performance' in 2016.

McLaren is 50 per cent owned by Bahrain’s sovereign wealth fund, with Dennis and luxury goods group TAG each owning 25 per cent.

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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.