Even a big and established team like McLaren gets hit hard from the COVID19 pandemic, forcing them to find various alternatives to raise funds. Since desperate times require desperate measures, the Woking-based F1 team is putting into consideration to mortgage not only their heritage race cars, but also their headquarters.
McLaren had to consider such option after their application for a £150m loan from the UK government’s Department for Business Energy, and Industrial Strategy was turned down. Despite selling many in the past decade, McLaren still has a huge collection of historic race cars with many of them associated with World Champions.
Sky estimates that McLaren’s car collection is valued up to £250m, and the facility at £200m. In May last year, Ayrton Senna’s 1993 MP4/8 was auctioned through a third party and sold at a price tag of £3.7m.
McLaren is not the only one selling their heritage cars as Williams also resorted in doing such. Williams’ arrangement involves a mortgage on the team’s land and buildings, and included as security are over 100 F1 cars that cover the team’s 42-year history.