P1racenews AI automatic summary:
McLaren Racing has announced a surge in profits as it continues to recover from the difficulties of the COVID-19 pandemic and efforts to return to the front of Formula 1.
McLaren, known for its involvement in F1, Indycar, Extreme E, and Formula E, has undergone significant changes since 2020. The pandemic led to staff layoffs and the sale of the flagship McLaren Technology Centre in 2021 to recoup costs. Additional stakes were sold in 2022, culminating in a full acquisition by Bahrain Sovereign Wealth fund Mumtalakat in March 2024. Despite a decrease in on-track performance in 2022, increased sponsorship led to a surge in profits that continued through 2023. McLaren Racing reported a 31% profit increase from 2022 to 2023, attributing the growth to improved competitive form and increased sponsorship. Despite financial successes, McLaren faces challenges in reducing greenhouse gas emissions as it strives for sustainability in motorsport. Currently, McLaren leads the F1 Constructors’ Championship for the first time since 2014, with its Formula E team also celebrating its inaugural victory this year.
