P1racenews AI automatic summary:
McLaren braced for closure as racing series losses double
McLaren’s Formula E operations are set to shut down at the end of the current season due to a significant increase in the series’ losses to €78.3m in 2023/24. The team announced earlier this year that they will leave Formula E after this season and focus on entering the World Endurance Championship in 2027.
Team principal Ian James has been looking for a buyer to keep the outfit in Formula E under a different name, with Hyundai rumored as a potential interested party. If McLaren fails to find a buyer, the team will cease operations in September, possibly returning their entry to Formula E Holdings.
The closure jeopardizes the future of McLaren’s Formula E drivers Sam Bird and Taylor Barnard, while also impacting opportunities for young female racers in the series. This decision comes amidst ongoing financial challenges for Formula E, with losses nearly doubling to €78.3 million in the last financial year, despite audience and fan base growth.
Formula E’s revenue declined due to fewer race events in the 2023/24 season, but the series remains optimistic about long-term financial performance and profitability as they continue to expand their fan base and media presence.
