McLaren have secured a $150million loan.
Yes, this means that McLaren will live to fight another day.
Written by: Rahil Hashmi
Like many other manufacturers, recently, McLaren have been facing a lot of financial issues due to the covid-19 pandemic and the future was uncertain to say the least. In fact, it was so uncertain that a lot of people, including myself, thought that it was the end for the manufacturer.
Now, before I get into the loan, let’s go over why McLaren were losing so much money.
See, one of McLaren’s main source of money comes from the Formula 1 season but that’s been suspended. Furthermore, due to how small McLaren are, they just didn’t have the ability to keep on building cars during lockdown.
Now, after a while of wondering whether a $150million loan was actually going to be given, McLaren have finally secured the loan from the National Bank of Bahrain which is a big relief as I canot imagine what the car world would be like without McLaren.
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