McLaren Racing racked up a record £96 million loss in 2018!

©McLaren

McLaren's 2018 season in F1 was nothing to write home about, but the year will go down as the worst in the company's history in terms of its financial results.

In 2017, McLaren had managed to salvage a profit of £1m thanks to the sale of a portion of its heritage collection, historic cars sold to selected collectors.

The Woking-based team parted with more historic racers in 2018 but not enough to make up for the massive loss sustained after the end of its partnership with engine supplier Honda.

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Up until last year, the Japanese company had helped McLaren make up its numbers thanks to its lavish commercial sponsorship and free engines.

The team's drop in prize money and a sponsorship pool that was less than expected also contributed to McLaren Racing's drop of revenue from £209m in 2017 to £132m in 2018, while its bottom line saw a whopping £96m in losses!

Overall however, The McLaren Group saw a spectacular progress of its top line last year.

Thanks to a very healthy demand for McLaren Automotive's road cars and slight growth of its Applied Technologies subsidiary, The McLaren Group's revenue grew from $871m in 2017 to an impressive £1,256m in 2018.

However, McLaren Racing's outstanding losses weighed on the group's bottom line, although decreased from £43m in 2017 to just £4.8m in 2018.

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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.