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Sport McLaren's Formula One future was never a doubt, says Seidl

16:21  30 june  2020
16:21  30 june  2020 Source:   reuters.com

McLaren surprises: As fast as Ferrari and Racing Point

 McLaren surprises: As fast as Ferrari and Racing Point © Motorsport Images Andreas Seidl is optimistic about the upcoming races At McLaren there is great satisfaction after the Formula 1 start in 2020: Not only that with third place a podium The performance in Spielberg also showed that you can take on the race with the Ferrari and Racing Point - there were still a few doubts about this after Friday. But Lando Norris and Carlos Sanz were very strong in the race, defeating Racing Point and driving at eye level with Charles Leclerc.

LONDON, June 30 (Reuters) - McLaren ' s Formula One future was never in doubt despite a cash crisis brought on by the COVID-19 pandemic and now resolved by a fresh injection of funds, team principal Andreas Seidl said on Tuesday. The National Bank of Bahrain announced on Monday a 150

Freshly-installed McLaren Team Principal Andreas Seidl was in no doubt that the team' s French Grand Prix performance had been the team’ s finest so far in It was somewhat of a bittersweet French Grand Prix for McLaren , with the team celebrating Carlos Sainz’ s impressive drive to sixth place while

By Alan Baldwin

LONDON (Reuters) - McLaren's Formula One future was never in doubt despite a cash crisis brought on by the COVID-19 pandemic and now resolved by a fresh injection of funds, team principal Andreas Seidl said on Tuesday.

The National Bank of Bahrain announced on Monday a 150 million pound ($184.26 million) financing facility for the McLaren Group, which includes the team and supercar manufacturer.

Bahrain's sovereign wealth fund Mumtalakat Holding Co is McLaren's majority shareholder.

"It was a tough period for the team, steering a team through these financial difficulties we were in," Seidl told reporters on a Zoom call.

Andreas Seidl warns: Must not overestimate second McLaren podium

 Andreas Seidl warns: Must not overestimate second McLaren podium © Motorsport Images Lando Norris celebrated the first podium of his young Formula 1 career in Spielberg Since Andreas Seidl joined McLaren last year and the team with the driver duo Carlos Sainz / Lando Norris is out, things are going better and better for the team from Woking. After Sainz's third place in Brazil in 2019, which was awarded to him afterwards, Norris again made it onto the podium in Spielberg.

McLaren is a fallen giant in Formula One . Seidl said McLaren ’ s big opportunity to challenge Mercedes, Ferrari and Red Bull would begin in “We will have a level playing field again with the other three top teams in the future , and then there is no reason why we can’t make success happen again.”

They say never go back. McLaren , of all teams, should know after what happened with Honda when they took a second bite of the cherry a few years ago. For a team that enjoyed the consistency of 20 successive campaigns with the same engine, it says a lot about McLaren ’ s difficulties of late that they

"The positive news we had yesterday about the funding which is in place now, is I think an extra boost, an extra motivation for all of us who are fully focused again on what we like to do most and what we do best."

McLaren were the first team to furlough staff, with drivers Lando Norris and Carlos Sainz also taking pay cuts, and have had to implement redundancies -- a move that also reflects Formula One's 2021 budget cap.

"With me and (McLaren Racing Chief Executive) Zak (Brown) having detailed knowledge of what was actually going on... there was never a doubt of McLaren not being on the grid next year," said Seidl.

The financial issues had not affected this season, he added, with regular performance upgrades planned.

While some infrastructure projects had been put on hold, Seidl said he was pushing to get them going again although McLaren still had to be cautious due to uncertainty over how many races there would be and the impact on revenues.

The German suggested some headlines that triggered alarm, with talk of mortgaging assets or selling a minority stake in the team, reflected McLaren's search for the best possible option in terms of funding.

"(It was) finding the right funding which would not only get us through this crisis but also put us in the best possible position to be competitive in the future. So I am very happy with the news from yesterday," he said.

($1 = 0.8141 pounds)

(Reporting by Alan Baldwin, editing by Christian Radnedge)

Norris thought he'd "fudged" run to maiden F1 podium in Austrian GP .
McLaren's Lando Norris says he thought he'd "fudged" his charge to a maiden Formula 1 podium during a "few moments" of a chaotic Austrian Grand Prix .Starting from third after Lewis Hamilton's three-place grid drop for a yellow flag infringement in qualifying, Norris dropped to fifth in the opening laps.But after falling behind Charles Leclerc's Ferrari, late five-second penalties handed to for Hamilton for contact with Alexander Albon and Sergio Perez for pitlane speeding meant Norris found himself in podium contention in the closing laps.

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