McLaren group has struck a deal with Greybull, a private investment firm, to sell Applied, a technology arm of the company.
The sale will help the company refocus on its automobile manufacturing and motorsport operations. The buyer is Greybull Capital, an investor which successful businesses in the United Kingdom.
Greybull has mentioned that Applied will continue to operate from Woking, and collaborate with McLaren closely on various fronts. Further details on the deal will be revealed later.
Earlier, McLaren’s Ron Dennis had tried to secure some funds, but failed. He gave up his stake in a deal worth a staggering £275 million following heated disputes with his fellow shareholders.
He had earlier presented a potential £1.65 billion takeover bid for the manufacturer from a consortium of Chinese investors. However, he failed to gain the support of his colleagues to see the deal go through. Subsequently, it was called off.
McLaren’s financial struggles during the COVID era are well-documented. In fact, they had taken many loans and fired a lot of staff members. Subsequently, their sales picked up, but this deal will be the shot in the arm for the British manufacturer.
McLaren also managed to receive a £150 million loan from the National Bank of Bahrain. The bank granted the loan only because of the manufacturer’s recent success and results on track. Its F1 and INDYCAR Championship team have both seen revivals in their fortunes after years of mediocrity.
Life in the fast lane
Among those aiding McLaren’s business resurgence is Lando Norris. The British driver is currently third in the WDC standings, and has almost single-handedly carried McLaren in the Constructor’s Championship. There, McLaren is fiercely contesting Ferrari for P3.
With McLaren in a good position on track in both F1 and INDYCAR, it is a huge boost for the company. It can now receive more funds that can ensure the smooth running of the company.
This will be essential for fans to see the manufacturer continuing to employ their trade in motorsport. They are a team with illustrious history, and they belong on the track.