McLaren has announced they will be looking to sell their Woking Headquarters for £200 million to raise cash and reduce debt with the intent to leaseback the facility.
The McLaren Technology Center in Woking, Surrey up for sale. Credit: McLaren
It appears McLaren has gotten the go-ahead to sell the headquarters of the British supercar and racing company. However, the caveat is that the new owner is contractually obligated to lease it back to McLaren.
Consisting of McLaren Technology Centre, the McLaren Production Center, and the McLaren Thought Leadership Center, the sale through Canadian real estate Colliers, is expected to see Mclaren receive £200 million (approx. USD$256 million) for the deal. This move will allow the company to reduce its overall debt and free up cash to see the organization through the pandemic induced hardships caused by plunging sales.
This news follows from an earlier £300 million equity raised by existing shareholders after a failed request for £150 million from the UK government and a further £150 million financing facility from the National Bank of Bahrain in June.
The McLaren Production Center will also be sold as part of the deal. Credit: McLaren
Speaking on a Zoom call to reporters, McLaren Racing CEO Zack Brown shared the reasoning behind the sale decision.
“Why have all this money tied up in real estate? We’re not a real estate company, we’re a racing team and an automotive company,” he said.
“We’ve got a lot of cash tied up in that building and that’s not a very productive use of funds when you’re looking to invest in your business.”
“We have a good chunk of debt and now Paul (executive chairman) is starting to set a direction and take decisions to give us a stronger balance sheet, invest in the right areas, to ultimately grow our companies and be financially a much stronger company,” stated Brown.
“When COVID hit and that turned off our Formula One business, our automotive business and to a certain extent our technology business, that consumed an immediate amount of cash that we needed to call.”
“We’ve now done that and we’ve got plenty of runway to be able to make sound business decisions,” explained Brown.
There’s no doubt the British automaker has been working hard to sure up its balance sheet as it navigates the ongoing effects of the COVID-19 pandemic across all areas of the business ranging from the Formula 1 team racing team, applied technologies, and the automotive division, which has suffered with the closures of dealerships this year.
The McLaren headquarters’ sale will be a significant piece to the puzzle in keeping the McLaren Group alive to race another day and will most likely have no significant impact on the day-to-day operations of the business.
Lamborghini is celebrating the 50th anniversary of Countach with a special edition LPI 800-4 model debuting at this year’s Monterey Car Week.
The new Lamborghini Countach LPI 800-4. Credit: Lamborghini
In celebration of the Countach’s 50th anniversary, Lamborghini has unveiled a special limited edition Countach LPI 800-4 as a futuristic tribute to the poster car of the 1980s.
While sharing the same name and drawing on the visual legacy of its predecessor, the new Countach LPI 800-4 is powered by Lamborghini’s aspirated V12 engine combined with new hybrid supercapacitor technology initially developed for the Sian.
Powered by Lamborghini’s V12 engine with hybrid supercapacitor. Credit: Lamborghini
Delivering 802hp maximum combined power (rounded to 800 for the sake of its model name), the LPI 800-4 can reach 0-62mph acceleration in just 2.8 seconds and hit a top speed of 220mph.
The Lamborghini Countach has a top speed of 220mph. Credit: Lamborghini
“The Countach LPI 800-4 is a visionary car of the moment, just as its forerunner was,” says Automobili Lamborghini President and CEO Stephan Winkelmann. “One of the most important automotive icons, the Countach not only embodies the design and engineering tenet of Lamborghini but represents our philosophy of reinventing boundaries, achieving the unexpected and extraordinary and, most importantly, being the ‘stuff of dreams.
“The Countach LPI 800-4 pays homage to this Lamborghini legacy, but it is not retrospective: it imagines how the iconic Countach of the 70s and 80s might have evolved into an elite super sports model of this decade. It upholds the Lamborghini tradition of looking forward, of exploring new design and technology avenues while celebrating the DNA of our brand. It is a Lamborghini that innately expresses the marque’s enduring and emotive power: always inspirational and thrilling to see, hear and most of all drive.”
Inspired by the Quattrovalvole edition with low rectangular headlights. Credit: Lamborghini
Inspired by the Countach’s distinctive silhouette, sharp angles, and wedge shape, the Countach LPI 800-4’s exterior inspiration was taken specifically from the Quattrovalvole edition in the bold lines of the front bonnet with long, low rectangular grille and headlights, as well as in the wheel arches with their hexagonal theme.
Futuristic hexagonal rear lights like those of the Sián. Credit: Lamborghini
Unfortunately for fans of the Wolf of Wall Street Countach, there’s no fixed rear wing on the latest model. However, there are still air scoops integrated fluidly into the car’s shoulders and the distinctive Countach slatted “gills” and famous scissor doors.
The rear of the Countach LPI 800-4 still features a distinctive inverted wedge shape, with the rear bumper featuring a lower, sleeker line and the hexagonal rear light design similar to that of the Sián.
The famous scissor doors still remain. Credit: Lamborghini
Lamborghini has revealed only 112 models of the new Countach LPI 800-4 will be produced (a number chosen in honor of the internal project name “LP 112” used for the original Countach development) with allocations already fulfilled prior to the public launch.
Only 112 Lamborghini Countach LPI 800-4’s will be produced. Credit: Lamborghini
Porsche Motorsport celebrates 25 years partnership with Manthey-Racing and reveals the limited edition 911 GT2 RS Clubsport 25.
The new Porsche 911 GT2 RS Clubsport 25. Credit: Porsche
Porsche Motorsport is celebrating 25 years of collaboration with Manthey-Racing GmbH and has unveiled the limited edition 911 GT2 RS Clubsport 25 to commemorate.
Founded by racing driver Olaf Manthey in 1996, Manthey-Racing GmbH is responsible for running the Porsche 911 RSR of the factory squad in the FIA World Endurance Championship (WEC) and has made a name for itself in both the motor racing world and as a GT road car specialist.
Celebrating 25 years partnership with Manthey Racing. Credit: Porsche
The basic concept and technical ideas for the new special edition was provided by Manthey and based on the 911 GT2 RS Clubsport with Porsche providing the final design.
Developed specifically for track days and circuit racing, the Porsche 911 GT2 RS Clubsport 25 is powered by a 3.8-liter flat-six twin-turbo engine and produces 515 HP directed to the rear wheels through Porsche’s seven-speed dual-clutch gearbox (PDK).
Green and yellow design accents inspired by “Grello”. Credit: Porsche
Taking inspiration from Manthey’s 911 GT3 R, known as the “Grello” because of its distinctive green and yellow livery, the Porsche 911 GT2 RS Clubsport 25 sports a similar green and yellow color scheme to highlight functional areas of the vehicle and adopts many vehicle components and elements from future Porsche racing cars.
Limited to 30 vehicles worldwide. Credit: Porsche
“The design of the 911 GT2 RS Clubsport 25 expresses the long-standing collaboration between Porsche Motorsport and Manthey,” emphasizes Grant Larson from Style Porsche. “It amalgamates the respective strengths of each partner into one racing car, and at the same time bridges the gap between the 991 and 992 model generations of the 911.”
The Porsche 911 GT2 RS Clubsport 25 is limited to 30 vehicles in total (only six are allocated for North America) with deliveries expected to begin in early 2022.
To order, customers will need to email 911GT2RSClubsport25@porsche.de directly and have a spare $620,00 on hand.
The new Pagani Huayra BC Pacchetto Tempesta is set to make its debut at this year’s Monterey Car Week and celebrates ten years of the Huayra supercar.
The new Pagani BC Huayra Pacchetto Tempesta. Credit: Pagani Automobili
This year at Monterey Car Week, Pagani celebrates ten years of the Huayra with the world premiere of the new Pagani Huayra BC Pacchetto Tempesta.
Based on the Huayra BC, the new Pacchetto Tempesta package means the Huayra BC’s high-performance platform can be equipped with a range of “state-of-the-art technical and artisan solutions” to maximize the car’s racing abilities and achieve an 8% power increase to deliver 827 hp and 1,100 Nm torque.
Pagani has only teased several introductory images of the green carbon fiber bodied beauty ahead of the premiere, and although full details are yet to be shared, Pagani has noted that the Pacchetto Tempesta features a new front splitter, dedicated air intake, rear wing with an integrated central fin, and six-pipe exhaust system to maximize aerodynamic efficiency.
New rear wing design with an integrated central fin. Credit: Pagani Automobili
A tweaked suspension system and the addition of an all-new “Soft Driving mode” also ensure drivers are afforded maximum comfort in the aggressive Huayra BC Pacchetto Tempesta.
The Huayra BC Pacchetto Tempesta will make its debut at The Quail, A Motorsports Gathering event on Friday 13th August at Monterey Car Week 2021 and will be seen alongside the Huayra R project and an up-close-and-personal look at the all-new Pagani V12-R engine, six-speed sequential gearbox.
While no prices have been revealed yet, the Pagani Huayra BC Pacchetto Tempesta will no double start above the $2.25 million price tag of the Huayra BC.
New six-exhaust design (four central and two below). Credit: Pagani Automobili