F1 2020

[svensktoppen]

McL in real trouble... As in the whole group...

They will get a bailed out for sure but clearly investors are ****ing themselves. If I read this right they just injected around 300m earlier this year and it's all gone already And that on top of half a billion invested since the start of last year...

McLaren take legal action to try to secure 'urgent' refinancing

McLaren takes legal action to allow it to secure "urgent" refinancing to address what it says is "severe and unexpected financial difficulty".

www.bbc.co.uk

 

[Dave..]

McL in real trouble... As in the whole group...

They will get a bailed out for sure but clearly investors are ****ing themselves. If I read this right they just injected around 300m earlier this year and it's all gone already And that on top of half a billion invested since the start of last year...

McLaren take legal action to try to secure 'urgent' refinancing

McLaren takes legal action to allow it to secure "urgent" refinancing to address what it says is "severe and unexpected financial difficulty".

www.bbc.co.uk

Doesn’t look good. According to that article they have already borrowed against their classic race cars. Also the government turned down their loan application.
I hope they get the money but to me it doesn’t look a sure thing.

 

[gpaevo]

McL in real trouble... As in the whole group...

They will get a bailed out for sure but clearly investors are ****ing themselves. If I read this right they just injected around 300m earlier this year and it's all gone already And that on top of half a billion invested since the start of last year...

McLaren take legal action to try to secure 'urgent' refinancing

McLaren takes legal action to allow it to secure "urgent" refinancing to address what it says is "severe and unexpected financial difficulty".

www.bbc.co.uk

They can't blame covid for their business plan failing. Completely self inflicted.

Mass production, continuous releasing of new special models months after the initial market launch, zero exclusivity (like Ferrari, eg you have to buy a Lusso to be able to buy a Speciale) **** reliability, bad build quality and flooding the market. Apparently the arse has dropped out of them 720s have lost 100k. Dealers can't give cars away yet won't give discounts. McLaren are so self absorbed and up their own holes to see they screwed themselves..........oh and their cars have a habit of going on fire lol.

 

[Jrooney06]

McL in real trouble... As in the whole group...

They will get a bailed out for sure but clearly investors are ****ing themselves. If I read this right they just injected around 300m earlier this year and it's all gone already And that on top of half a billion invested since the start of last year...

McLaren take legal action to try to secure 'urgent' refinancing

McLaren takes legal action to allow it to secure "urgent" refinancing to address what it says is "severe and unexpected financial difficulty".

www.bbc.co.uk

Sounds to me instead of the automotive providing income for the F1 Team the automotive side has cost a fortune.

 

[Dave..]

They can't blame covid for their business plan failing. Completely self inflicted.

Mass production, continuous releasing of new special models months after the initial market launch, zero exclusivity (like Ferrari, eg you have to buy a Lusso to be able to buy a Speciale) **** reliability, bad build quality and flooding the market. Apparently the arse has dropped out of them 720s have lost 100k. Dealers can't give cars away yet won't give discounts. McLaren are so self absorbed and up their own holes to see they screwed themselves..........oh and their cars have a habit of going on fire lol.

I knew their road cars were unreliable but didn’t realise it was that bad. I feel for their buyers if they have invested lots of cash in one of their cars.

 

[Jrooney06]

I knew their road cars were unreliable but didn’t realise it was that bad. I feel for their buyers if they have invested lots of cash in one of their cars.

They can't blame covid for their business plan failing. Completely self inflicted.

Mass production, continuous releasing of new special models months after the initial market launch, zero exclusivity (like Ferrari, eg you have to buy a Lusso to be able to buy a Speciale) **** reliability, bad build quality and flooding the market. Apparently the arse has dropped out of them 720s have lost 100k. Dealers can't give cars away yet won't give discounts. McLaren are so self absorbed and up their own holes to see they screwed themselves..........oh and their cars have a habit of going on fire lol.

To be fair in the coming years Ferrari will do the same now they are publicly trading but I agree they expanded far to quickly. It was hard to keep up with the launches. Overall I think they just expanded too quickly. I would always see soo many jobs posted for the automotive side it was crazy. I know a few people on the F1 side so hopefully it all shakes out fine for them.

 

[gpaevo]

A guy I did work for last year has a 675lt and it's been for sale for 2 years. He can't shift it, he's threatened to buck it into the sea lol.

 

[Dave..]

@WSM is the only person I know of who has one, hopefully his is reliable?

 

[DC.]

Was there not someone else on here that had one? A 12C or similar?

 

[Jrooney06]

Correct me if I’m wrong but McLaren went to their bond holders a few years ago and said you need to give us money otherwise we are going to go bust. In return they Bond holders got the premieres or car collection as collateral. Now McLaren want to raise more capital so are going to the market and using the same premises and car collection as collateral again. Also can you blow a billion in 3 or 4 years. The salaries don’t seem to be something amazing either and they haven’t had to pay race team bonuses either.

 

[Dave..]

Correct me if I’m wrong but McLaren went to their bond holders a few years ago and said you need to give us money otherwise we are going to go bust. In return they Bond holders got the premieres or car collection as collateral. Now McLaren want to raise more capital so are going to the market and using the same premises and car collection as collateral again. Also can you blow a billion in 3 or 4 years. The salaries don’t seem to be something amazing either and they haven’t had to pay race team bonuses either.

This seems to be the problem, using the same items on a 2nd loan. They tried the goverment but they said no.
I wonder how Williams are getting on with their sale or new investment?

 

[stevyg]

So they got £650m injected in 2017, then another £130m which they blew through, £291 a few months ago which was part of a total £500m they got injected in the past 18 months and now they are attempting to sell the assets that they put up as collateral for the investors to get £280m? They are bleeding money like crazy, sounds like they have to make more than 1200 job cuts if they are going to survive. They provide a lot of technology & hardware for F1, I hope they can survive.

 

[Dave..]

So they got £650m injected in 2017, then another £130m which they blew through, £291 a few months ago which was part of a total £500m they got injected in the past 18 months and now they are attempting to sell the assets that they put up as collateral for the investors to get £280m? They are bleeding money like crazy, sounds like they have to make more than 1200 job cuts if they are going to survive. They provide a lot of technology & hardware for F1, I hope they can survive.

I wonder is Daniel Riccardo having second thoughts about changing teams.

 

[svensktoppen]

I think the F1 team is technically a different company but they have been talking about lay-offs across the board.

I don't think McL are alone to be in this pickle either. Of all the teams RB might just be the only one that is "immune" to the effects of the way the world has chosen to deal with Covid - everyone still buys there vile horrible drinks, lol

I'd be surprised if Ferrari weren't feeling the pinch too, never mind Mercedes and Renault.

 

[Dave..]

I think the F1 team is technically a different company but they have been talking about lay-offs across the board.

I am sure it is or whoever set the companies up should be fired but it won`t do them any good if the other side of the business fails.

 

[MarkM]

@WSM is the only person I know of who has one, hopefully his is reliable?

isn’t that long gone?

 

[Dave..]

isn’t that long gone?

No idea.

 

[MarkM]

No idea.

Pretty sure it is as it gave lots of hassle

 

[gpaevo]

Pretty sure it is as it gave lots of hassle

Funny that

 

[Dave..]

Pretty sure it is as it gave lots of hassle

I hope he got out and didn’t lose a lot of money.

Funny that

I wouldn’t even enter a raffle for one.

 

[AlpineF30]

I hope he got out and didn’t lose a lot of money.

I wouldn’t even enter a raffle for one.

I remember listening to a podcast where an ex engineer of McLaren who worked on the F1 said that the new road going business will be the death of McLaren and was also partly to blame for Mercedes selling their share and going it alone.

Looked at finance figures there on 720 for a bit of craic. Seems they have the customer stitched up for the depreciation and no GFV which is a tad worrying.

 

[Jrooney06]

I remember listening to a podcast where an ex engineer of McLaren who worked on the F1 said that the new road going business will be the death of McLaren and was also partly to blame for Mercedes selling their share and going it alone.

Looked at finance figures there on 720 for a bit of craic. Seems they have the customer stitched up for the depreciation and no GFV which is a tad worrying.

They will be fine I’m sure. Probably lay people off then rehire them when things take a more positive turn. A couple of years ago they had over 10000 applicants for their F1 grad scheme. Plenty of talent out there!

 

[Jrooney06]

This seems to be the problem, using the same items on a 2nd loan. They tried the goverment but they said no.
I wonder how Williams are getting on with their sale or new investment?

Can’t think it’s going well considering the uncertain times. Disappointing really to have such a team at the back of the grid.

 

[svensktoppen]

McLaren poised to secure loan from National Bank of Bahrain

McLaren is poised to secure a loan from the National Bank of Bahrain to solve its cash-flow problems, BBC Sport has learned.

www.bbc.co.uk

 

[Crow555]

Bernie Ecclestone says black people are often 'more racist' than white people

The former F1 chief said the sport is ‘too busy’ to deal with racism and also questioned Lewis Hamilton’s experiences of discrimination

www.theguardian.com