McLaren F1 Team Sustained Financial Loss In 2012

Jenson Button of Great Britain and drives during practice for the Singapore Formula One GP. (Photo: Getty Images)

McLaren Racing has reported a loss of £3.1m for the calendar year 2012, having made a profit of £22.3m in 2011.

The team’s newly released annual accounts confirm that overall costs increased and turnover fell in a season that brought six GP victories.

Turnover was down from £172.3m to £165.7m, which the team says is “wholly due to the changing business relationship with former shareholder Daimler.” In 2011, Daimler and associated companies put £38m into the team, and in 2012, the figure was zero.

Meanwhile, overall costs rose by £24m, which it says is “mainly due to increased driver costs, racing at more events and the increased travel, as well as the associated costs of conducting wind-tunnel testing away from the company’s headquarters.” Costs are listed at £123.4m.

Regarding the loss of Vodafone at the end of this season, the team says, “We are well into our search for a new title partner.” Tellingly, it adds that “looking forward, the arrangement will transform our business model.”

The team employed 597 people in 2012, up by just one on the previous year.

With Daimler now gone, the shareholding is split between Bahrain’s Mumtalakat (50 percent), Ron Dennis (25 percent) and TAG Group (25 percent).

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