News Details
McLaren redundancies are a ‘painful task'
Formula 1's new budget cap is good for the sport's long-term survival but in the here and now it is 'painful' for McLaren with the F1 team losing around 70 staff. Earlier this week the McLaren group announced that it would be making 1,200 staff redundant from its automotive and technological arms, as well as the Formula 1 side of the business. While McLaren as a carmaker has been hit hard by the current financial crisis, Formula 1's 2021 budget has also forced the company's hand. As of next season, all the teams will operate under a $145 million cap with that being reduced further in 2022 and again in 2023. The decision to slash the cap has been praised by McLaren team boss Andreas Seidl,...
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3y ago from PlanetF1.com
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