Coincidentally, this news from last week...
McLaren Racing, the Formula One division of the overall McLaren Group, has reported a loss of $5.03 million (U.S.) for the calendar year 2012.
Although F1 teams aren’t necessarily geared to show a profit, in 2011 the team had recorded a surplus of $36.19 million in 2011.
The team’s newly released annual accounts confirm that its costs increased and its turnover last year was down from $279.6 million to $268.9 million, which the team says is “wholly due to the changing business relationship with former shareholder Daimler.” In 2011 Daimler and associated companies put $61.6 million into the team, and in 2012, the figure was zero.
Meanwhile overall costs rose by $38.9 million, 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 $200.2 million.
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 Honda 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).
That from actual financial statements, rather than a Mr Sylt, so the numbers have a fighting chance of being real. I'd like to know where they made up (almost) the $62 million from Merc.
How does one go about getting access to these Companies House reports? - Nevermind, apparently one pays a dollar and downloads them.