General
No more financial problems for McLaren: "Taking full advantage of budget cap"
- GPblog.com
Recently there were reports that McLaren was in financial difficulties. According to CEO Zak Brown, those problems are now a thing of the past and the team can get on with its planned program.
The coronavirus has caused financial problems for several teams. For example, it soon became known that the Williams team is urgently looking for a source of income, but McLaren also seemed to be having a hard time.
According to Zak Brown, all problems are now fortunately a thing of the past. "The financial problems at McLaren have been solved. At the moment we can take full advantage of the budget cap and we can complete our program according to plan", says the top man in conversation with Auto, Motor und Sport.
Good news for the shareholders
Brown has been one of the biggest advocates for the budget cap and is looking forward to the introduction of the system, which should reduce the gap between midfield and top teams. The plan only has other advantages. "The first $175 million budget cap was just too much. The current plan for 145 million and in the future 135 million will allow teams to make money. That will increase the value of a share in Formula 1, which will certainly please our shareholders."
The latter is important for Brown, because they have caused a possible delay for the team of McLaren. "When the coronavirus broke out, all programs were shut down. The shareholders first wanted to see how the situation would evolve. Now that our financial problems have been resolved, those programs can be restarted," concluded the CEO.