JUNE 29, 2020
McLaren's financial problems solved says Brown
McLaren's financial problems "have been solved".
That is the claim of team supremo Zak Brown, mere days after it emerged that McLaren was actually looking towards a July hearing in the London High Court to avoid insolvency.
Shortly after that news, rumours that McLaren could be rescued by a loan from the National Bank of Bahrain emerged.
When asked about the alarming situation at Woking, Brown told Auto Motor und Sport: "The problems have been solved.
"You will hear positive news from us in the next few days."
McLaren will then be well position for the future with the budget cap coming in for 2021 and beyond, he added.
"We are able to make full use of the cost cap and do our program as planned. With a strong driver duo, this will put us back on the road to victories and titles," said Brown.
However, it has been rumoured that the financial problems were so dire that construction of a new wind tunnel and simulator were scrapped.
Brown insisted: "When the virus broke out, all programs were stopped. Our shareholders first wanted to see how the situation would develop.
"With the financial problem sorted out, these programs are slowly starting up again. We are still careful because we don't know how many races or Formula 1 earnings there will be this year, or if there will be a second wave of infections.
"But we are back in business," Brown said. "In five years, McLaren Racing will be worth a lot more money than it is today."