McLaren Racing records massive $124M loss in 2018

McLaren Boss Zak Brown

McLaren Racing, the division which oversees its Formula 1 and IndyCar operations, recorded a record loss of $124 million for the 2018 financial year.

The McLaren Group, which also includes its automotive brand and applied technologies company, reported less loss than the year prior.

Much of that is down to McLaren Automotive which saw unit sales increase by 45 per cent, with 4,829 cars sold during 2018.

The F1 team saw a $1.5M profit in 2017 dramatically reverse, with a record loss of $124M, driven by the loss of engine partner Honda, which contributed a large sponsorship sum to the team during its three year technical partnership as well as free engines.

The switch to Renault for 2018 not only saw the loss of that sponsorship money, but also the loss of free engines which the team are now required to pay for.

McLaren released its latest financial statements on Thursday, click here for more information.