P1racenews AI automatic summary:
McLaren’s rise on the track is mirrored by its financial performance off it.
McLaren has achieved a remarkable turnaround of £71 million in just one year, showcasing its increasing success both on and off the track. The financial accounts for McLaren Racing up to December 31, 2023, reveal significant growth across all motorsport activities, including F1, IndyCar, Formula E, Extreme E, and Esports. Despite a slow start in F1, McLaren made strategic upgrades to its cars from the Austrian Grand Prix, resulting in a fourth-place finish in the constructors’ championship, with drivers Lando Norris and Oscar Piastri securing a total of 13 podiums. In IndyCar, McLaren saw success with 10 podium finishes by drivers Patricio O’Ward, Felix Rosenqvist, and Alexander Rossi. Financially, McLaren rebounded from the challenges of 2020 to report a net profit of nearly £13 million in 2023, marking a significant improvement from the £58 million loss in 2022. With increased revenue and a profitable F1 team, McLaren’s strong performance and growing sponsorships position it well for continued success in the upcoming year.
