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McLaren trying to raise millions by putting its HQ, historic cars up for collateral

The McLaren 765LT in its debut at the company's Woking, England, headquarters. / AP   LONDON — McLaren is looking into various funding options to help the sports car maker and Formula One team owner negotiate the coronavirus pandemic, a spokesman said on Thursday. Sky News reported that British-based McLaren was seeking to raise up to 275 million pounds ($335.61 million) by borrowing against its Woking headquarters and extensive collection of historic racing cars. It quoted sources as saying McLaren, advised by JP Morgan, could raise the money in the form of new bonds with funding secured from existing or new bondholders. A request for a 150 million-pound loan from the government was recently rejected, according to media reports. "Like many other British businesses McLaren has been severely affected by the current pandemic and we are therefore exploring a variety of different funding options to help navigate these short-term business interruptions," the spokesman said, without giving details. McLaren were the first Formula One team to furlough staff in April because of the new coronavirus, with drivers Lando Norris and Carlos Sainz joining senior management in taking a pay cut. The company said then that the temporary three-month wage reduction was part of wider cost-cutting measures due to the impact of the pandemic on its business. The Formula One season has yet to start, a blow for teams who rely on sponsorship and a share of the sport's revenues for much of their budgets. The team announced on Thursday that Australian driver Daniel Ricciardo would be joining in 2021, with Sainz heading to Ferrari. The McLaren Group, including the luxury carmaker and applied technology arm, employs some 3,700 people with around 850 working for the F1 team. McLaren has a collection of cars driven by the likes of the late founder Bruce McLaren and Brazilian triple champion Ayrton Senna. The Formula One team are the second most successful in the sport's history, after Ferrari in terms of race wins and championships, and gave Mercedes' six-times world champion Lewis Hamilton his debut in 2007. The company is majority owned by Bahrain's sovereign wealth fund Mumtalakat. Related Video:       (Reporting by Alan Baldwin, editing by Ed Osmond)

McLaren 720S GT3X throws out the rule book to go faster than a race car

Race cars are some of the fastest machines on Earth. And they could be faster, if it weren't for these pesky things called "rules." Proving this point is the McLaren 720S GT3X, which takes the basic GT3-class race car and cranks up the performance, because there are no rules for track toys. Nestled between the driver and the drive wheels is the expected twin-turbo 4.0-liter V8 from the race car, complete with blueprinted cylinder heads and beefed up internals. But now it makes 710 horsepower, an increase of 197 over the GT3 race car. And at the push of a button, you can get a 30-horse overboost for a maximum of 740 horsepower. It's coupled to a six-speed sequential transmission. All of this is in a package weighing just 2,668 pounds, so it should be enormously entertaining. You can even share the experience with a friend, thanks to the redesigned roll cage that allowed for a second bucket seat and harness to be installed. Ideally a close friend, because that's what they'll be when they climb into the tight cockpit. But that's more than you can say for the single-occupant GT3 race car. McLaren also improved the brake cooling system to ensure the car can handle the extra weight of your ballast, er, friend. The downside to the 720S GT3X is that, because it follows no rules but its own, it's restricted in where it can drive. Neither a road car nor a race car, it's only able to be used as a track toy. Still, it should be a very fun track toy. And if you want one, McLaren is taking orders now. It can be purchased at a McLaren Motorsports dealer, and the car is built to order. McLaren will also provide technical support at your first track event with the car to ensure everything goes smoothly. No price for the car has been given, but that probably doesn't matter if you're thinking of buying one. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

McLaren 675LT gets sideways and smoking

McLaren has officially started production of the new 675LT. So how is the British racing team turned supercar manufacturer marking the occasion? By releasing this video clip, soaked in adrenaline and octane and packed with lots of full-throttle, tire-smoking sideways action. The McLaren 675LT was revealed at the Geneva Motor Show just a few months ago as the ultimate expression (so far) of the company's essential Super Series. It's based on the same underpinnings as the 650S that forms the core of the McLaren range, but upgrades with a more powerful version of the company's ubiquitous 3.8-liter twin-turbo V8, now producing 666 horsepower and breathing through a titanium exhaust system. As a result, 0-62 is now quoted at a scant 2.9 seconds, with a top speed pegged at 205 miles per hour. It's also got revised bodywork inspired by the Longtail version of the legendary McLaren F1, offering improved aerodynamics and its LT designation, along with a more hardcore, track-focused setup. McLaren will only make 500 examples of the 675LT, all of which were already sold out within two months of its debut, before the limited-edition supercar is retired altogether. With assembly now kicking off at the McLaren Production Centre in Woking, England, those 500 fortunate customers will soon be getting their hands on their new toys. The rest of us will just have to admire from afar, and admire it we will in this latest video.