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Zak Brown: We're not a real estate company

McLaren will sell their state-of-the-art Formula One headquarters and lease it back long-term to raise cash and reduce the company's debt, the team's chief executive Zak Brown said on Saturday. The American told reporters in a Zoom call ahead of the Tuscan Grand Prix that it was a straightforward financial exercise. 'Why have all this money tied up in real estate? We're not a real estate company, we're a racing team and an automotive company,' he said of the Norman Foster-designed McLaren Technology Centre in Woking. 'We've got a lot of cash tied up in that building and that's not a very productive use of funds when you're looking to invest in your business.' The McLaren Group appointed...
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1mo ago from GrandPrix247.com 0
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