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"It was a tough period for the team," admits Seidl

NEWS STORY
30/06/2020

Yesterday's news that the National Bank of Bahrain has agreed a 150m loan for McLaren, allows the Woking outfit to head to the season opener with a great weight lifted.

"It was a tough period for the team," Andreas Seidl told reporters today, "steering a team through these financial difficulties we were in.

"The positive news we had yesterday about the funding which is in place now, is I think an extra boost," he continued, "an extra motivation for all of us who are fully focused again on what we like to do most and what we do best."

A leading voice in the call for a budget cap, in recent months, as a drastic drop in car sales and the financial hit from no racing due to the pandemic, the Woking team's cries grew ever louder.

Yet, even as the cap was agreed, though not as low as it wished, the dire financial situation the team found itself in became alarmingly obvious.

Looking to raise funding, the company went to court, challenging a group of investors who were blocking the use of its factories and the team's collection of historic race cars as collateral.

Indeed, it was made clear that unless sufficient funding was in place by mid-July the team faced insolvency.

Yesterday's agreement with the National Bank of Bahrain brought that particular saga to a close.

"With me and Zak having detailed knowledge of what was actually going on, there was never a doubt of McLaren not being on the grid next year," said Seidl, referring to a period which saw the Woking outfit become the first F1 team to take advantage of the government's furlough scheme and subsequently announce that it is to shed at least 70 jobs.

"It was finding the right funding which would not only get us through this crisis but also put us in the best possible position to be competitive in the future," said the German. "So I am very happy with the news from yesterday."

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