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How McLaren Racing’s CEO Made $108 Million Last Year
McLaren has completed one of the most impressive turnarounds in sports history.
Less than a decade ago, McLaren’s Formula 1 team had barely any sponsors and little revenue. They were losing tens of millions of dollars each race weekend and were forced to fire hundreds of employees. The team also sold some of its historic cars to raise money and eventually even decided to sell its physical headquarters in England, agreeing to a 20-year leaseback in exchange for $237 million in cash.
It was a disaster, plain and simple. Despite backing from one of the world’s most well-known luxury automakers, McLaren’s Formula 1 team was headed toward bankruptcy. So, to avoid that outcome, the team’s executive committee agreed to sell a 15% minority stake to MSP Sports Capital for an additional $250 million.
Oscar Piastri’s boss Zak Brown’s eye-watering wages revealed
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