McLaren to sell and lease back Woking factory
The HinduMcLaren will sell its state-of-the-art Formula One headquarters and lease it back long-term to raise cash and reduce the company's debt, the team's chief executive Zak Brown said on Saturday. We're not a real estate company, we're a racing team and an automotive company,” he said of the Norman Foster-designed McLaren Technology Centre in Woking. RELATED| Tuscan GP preview: F1 celebrates Ferrari's past with a fresh challenge “We've got a lot of cash tied up in that building and that's not a very productive use of funds when you're looking to invest in your business,” he added. The McLaren Group appointed former Diageo boss Paul Walsh as executive chairman in March, when existing shareholders raised 300 million pounds of additional equity, to oversee a financial restructuring.
History of this topic
McLaren Racing agrees 1/3rd of company sale to US investor
Associated PressDiscover Related
)
