Brown: McLaren now 'financially healthy' after 2020 woes

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McLaren Racing boss Zak Brown says the Woking-based outfit is now safe and sound financially after facing some tough economic challenges in 2020.

The McLaren Group as whole was forced to recapitalize itself last year as a result of the global pandemic seriously impacting its automotive sales.

But its racing entity had had already refreshed its financial base in late December of 2020 thanks to a sale and leaseback of its McLaren Technology Center and a sale of a significant minority stake to US-based sports investment group MSP Sports Capital which also brought its expertise to the deal.

Over twelve months on, McLaren Racing now has a solid financial foundation on which to continue to build its future.

"I think we're definitely on track in every aspect," said Brown, quoted by Motorsport.com.

"We've got all the people in place, they're all very much committed and signed up for the long term, whether that's racing car drivers or team principals or engineers or car designers.

"I'm really happy with our people, which is what is first and foremost important."

Read also: F1i Team Report Card for 2021: McLaren

McLaren will run its team pegged to Formula 1's 2022 $140 million budget cap while the upgrade of its infrastructure at Woking unfolds, with the construction of a new state-of-the-art wind tunnel.

"As everyone knows, we had challenges last year financially and those have all been resolved," added the McLaren boss.

"We're now deploying maximum resources to get caught up on our technical infrastructure and we're running at the budget cap, the wind tunnel is under heavy construction as we speak, we've got new engineering trucks, we've got a new simulator coming.

"We've got lots of investment, so we're financially very healthy, so that's all behind us.

"And then this year on-track, we just want to continue each year until we have our infrastructure in place, which unfortunately really won't be until the '24 season, because our wind tunnel will be online in another 18 months, and that's when you start developing the '24 car.

"We'll make the best with what we have until '24, when we can say we've got everything that we need."

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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.