McLaren F1 Team Records $10M Loss

Zak Brown faces losses at McLaren

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.

drop in sponsorship income and prize money led to the U.K.-based company turning in a $10M loss last year, against a $6M 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 $300,000 to $4M last year. In June, the 70-year-old severed his "near four-decade-long ties" with McLaren after selling his 25% stake for $350M. McLaren recently raised about $675.2M in the bond market to buy out Dennis. SUNDAY TIMES