McLaren F1 Team Records £6M Loss Due To Drop In Sponsorship Income, Prize Money
McLaren Formula 1 "crashed into the red," with the F1 owner "paying the price for its troubles in the pit lane," according to Simon Duke of the SUNDAY TIMES. A drop in sponsorship income and prize money led to the U.K.-based company turning in a £6M loss last year, against a £4M profit in '15, according to accounts at Companies House. The company, which ousted long-term Chair Ron Dennis in November, has also been "investing heavily in its tech consultancy division." Dennis' pay dropped by £200,000 to £3.7M last year. In June, the 70-year-old severed his "near four-decade-long ties" with McLaren after selling his 25% stake for £275M. McLaren recently raised about £500M ($675.2M) in the bond market to buy out Dennis (SUNDAY TIMES, 9/24).