McLaren needs to raise money before July 17

Your financial situation McLaren due to the coronavirus crisis it is not the best. Some days ago, the official website of Formula 1 has already advanced that the Woking team was exploring the option of partially selling its Formula 1 team
, and now the ‘BBC’Ensures that the English team will take legal action to ensure a refinancing that they value as“ urgent ”to overcome this economic downturn.

According to the ‘BBC’, McLaren have “An imminent liquidity deficit” because of the economic damage caused by the coronavirus and therefore it needs an urgent capital injection before July 17.

The brand intended to mortgage its headquarters and several historic F1 cars to get the necessary money, something that did not seem to please its investors, who defend that after investing more than 5,000 million euros in 2017, these assets are part of the agreement they reached with Ron Dennis.

So that, In the face of investors’ refusal to accept this form of fundraising, McLaren has taken legal actionss, taking the case to the High Court of Justice of England, to defend an operation that they consider to be legal and thus ensure that investors cannot prevent the English team from obtaining financing in this way.

It should be noted that McLaren investors have invested a total of 552 million in the last year and a half, 321 of which were injected into the company in March to face the coming crisis.

With this McLaren MCL35 the team faced the 2020 season

However, the information indicates that McLaren would have had to spend this money to face the crisis, so they urgently need more capital right now.

In this context, next week seems like a key, since McLaren They would have granted him a hearing in London to present his ideas on refinancing, which would only affect the F1 team.