Site logo

McLaren selling off the family silver?

NEWS STORY
04/07/2018

The company filings for the McLaren Group which revealed the company has been drawn into an investigation by the UK government, also reveal that the company has sold off a number of its historic cars.

"In 2017, disposals of Heritage assets with a carrying value of 3.3m were made from inventory," reads the filing. "Sales proceeds on these disposals were 30.9m.

"McLaren Racing Limited has a collection of heritage vehicles, made up of 152 racing cars, 4 F1 road cars, 4 historic vehicles and 20 spare F1 racing car monocoques. The collection is held in several locations; at the McLaren Technology Centre, most of which is on display to visitors and employees; on display at Donington Park Race Circuit; at McLaren Automotive Dealerships; and the remainder is held in secure storage. These assets are held on the balance sheet at cost.

"Managing such a large collection takes significant resource and during 2017 executive management of McLaren Technology Group Limited and McLaren Racing Limited made the decision to establish a programme to sell a specific and limited number of these cars to specialist collectors from around the world. Those cars highlighted for sale have been reclassified from heritage assets to inventory pending recognition of the sale in line with the revenue recognition accounting policy."

Just over a year ago, as Ron Dennis awaited the 275m in lieu of his 25% stake in the company, it was revealed that McLaren had secured 37.5m on 13 rare and historic F1 cars including a 1981 MP4/1-1 (the first McLaren MP4), a 1988 all-conquering MP4/4-1 a 1993 MP4/8-8 (Ayrton Senna's last winning McLaren) and a very rare white Lamborghini powered 1993 MP4/8-1 which was on loan to the Lamborghini Museum.

As the filings show, the identity of the cars that have been sold and their purchasers are not known. Another mystery, of course, is why some media outlets - especially those with close ties to McLaren - don't appear to have picked up on any of this, though the accounts were filed a fortnight ago.

Anyway, while Dennis was paid off and new investment found in the form of Charles Latifi, the accounts reveal that the McLaren Group has seen revenue fall 3% to 871m and a 1.3m profit turned into a 66m pre-tax loss.

LATEST NEWS

more news >

RELATED ARTICLES

LATEST IMAGES

galleries >

  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images
  • Pitpass.com latest F1/Formula 1 images

POST A COMMENT

or Register for a Pitpass ID to have your say

Please note that all posts are reactively moderated and must adhere to the site's posting rules and etiquette.

Post your comment

READERS COMMENTS

 

1. Posted by alfsboy, 06/07/2018 13:08

"I did hear Uncle Ron counted all his historic assets every morning to make sure none went to the wrong hands ,...oh well."

Rating: Neutral (0)     Rate comment: Positive | NegativeReport this comment

2. Posted by Egalitarian, 04/07/2018 23:43

"69seven, "152 racing ears?"
yes, and not one of them belonging to Liberty Media..."

Rating: Neutral (0)     Rate comment: Positive | NegativeReport this comment

3. Posted by ESTMPRFT, 04/07/2018 19:41

"I understand that there are also up to 50 TAG/Porsche blocks piled around McLaren that had once been targeted for helicopter use."

Rating: Neutral (0)     Rate comment: Positive | NegativeReport this comment

4. Posted by Bill Hopgood, 04/07/2018 19:18

"History is one thing McLaren still has that I'd call an asset.

Their current "leadership" is running out of goodwill, rapidly."

Rating: Neutral (0)     Rate comment: Positive | NegativeReport this comment

5. Posted by 69seven, 04/07/2018 18:39

"152 racing ears?"

Rating: Neutral (0)     Rate comment: Positive | NegativeReport this comment

6. Posted by Elf Team Tyrrell, 04/07/2018 17:37

"Oh dear!!!!!!"

Rating: Neutral (0)     Rate comment: Positive | NegativeReport this comment

Share this page

X

Copyright © Pitpass 2002 - 2019. All rights reserved.

about us  |  advertise  |  contact  |  privacy & security  |  rss  |  terms