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McLaren taking legal action to secure 'urgent' new funds
The McLaren Group has launched legal action to allow it to secure new funds it needs to prevent it from having to sell a stake in its Formula 1 team. The BBC has reported McLaren is seeking “urgent” refinancing to combat “severe and unexpected financial difficulty” caused by the coronavirus crisis. McLaren has been seeking to raise additional funding after seeing its road car sales plummet, while it faces a severe loss in revenue from F1 due to the opening 10 races being called off because of the COVID-19 pandemic. As part of its efforts to raise funds, the Surrey-based automotive group attempted to secure a loan against its historic F1 car and McLaren Technology Centre in Woking....
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