McLaren's profits driven lower
Saturday 08 October 2011
After-tax profits at McLaren Formula One team fell £34.4m to £15.8m last year, driven lower by a loss of investment from the former major shareholder, Mercedes.
The accounts for the year ending 31 December 2010 show turnover of £148.7m, down £26.1m on the previous year as investment from Mercedes fell from £34.8m to £2.6m.
Mercedes said at the end of 2009 that it would sell its 40 per cent stake in McLaren back to other shareholders – Bahrain's Mumtalakat sovereign wealth fund, Saudi tycoon Mansour Ojjeh and group chairman Ron Dennis – in order to buy that year's championship winning team, Brawn. The team was renamed Mercedes, but it has been outperformed by McLaren and not won a race this season.
Mercedes' direct spending on McLaren is believed to have been largely the purchase of branding on the team's cars. The team's budget is now covered almost entirely by prize money and sponsorship.
Hundreds arrested as Canadian police smash worldwide paedophile ring
Ja Rule forced to deny leaving wife for prison cell mate
Nelson Mandela: 11 inspirational quotes to live your life by
More than 200 flights delayed and cancelled at Heathrow as air traffic control problem affects airports across Britain
Crash pilot who threatened Ukip leader Nigel Farage found dead
- 1 Hundreds arrested as Canadian police smash worldwide paedophile ring
- 2 Is this the scariest advert ever? Japanese tyre commercial comes with its own disclaimer and health warning
- 3 Sherlock series 3: Benedict Cumberbatch and Martin Freeman provide teasers for the biggest comeback in British television
- 4 A forgotten episode in Russian history leaves links with the Philippines
- 5 People will try to reduce Mandela to a lilting reggae tune about ‘love’. They will fail
- < Previous
- Next >
iJobs Money & Business
£80000 - £100000 per annum + benefits + bonus: Harrington Starr: Project Manag...
£50000 - £60000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£30000 - £40000 per annum + Bonus and Benefits: Harrington Starr: A global Con...
£150 - £250 per day: Cornwallis Elt : iPhone Rollout- Blackberry Enginee...