McLaren has shown that he will stop cycling at the end of the season, just one year after Bahrain’s co-sponsor McLaren WorldTour.
The resolution leaves the team for a new co-sponsor for next year and comes after a financially complicated era for McLaren and a year in which COVID-19 sparked a wave of wage postponements within the team.
“The Bahrain World Tour Cycling Team and McLaren, the British supercar manufacturer and the F1 team, today demonstrated that McLaren will conclude their partnership with Team Bahrain McLaren at the end of the 2020 season,” he said Wednesday.
“The Bahrain McLaren team worked with team partners to keep the team at the point of professional cycling, whether on and off the bike. The unique colors of the Bahrain McLaren team have so far won a series of memorable victories in this interrupted season of Covid-19, adding the Saudi Tour, Paris-Nice, the Getxo Circuit and the Route d’Occitanie. The team thanks McLaren for his contribution to the partnership and wishes him well on his return to four-wheel racing.
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Bahrain McLaren faces new uncertainty with McLaren 1,200 jobs
In July, Cyclingnews reported that due to monetary problems, Bahrain was looking for a new sponsor with McLaren about to leave.
Financial pressures from the coronavirus pandemic had noticed mcLaren suffering massive monetary losses in recent months, with 1,200 workers at his British base defected before this spring. Bahrain McLaren drivers and staff agreed to pay by deferring up to 70% earlier this year. For an agreed 3-month era, as the team seeks to avoid monetary problems, and Cyclingnews understands that those deferred wages are not paid in full, the team will end the year with 75% of their annual salary after array team owner Shaikh Nasser Bin Hamad Al Khalifa, has guaranteed that the team will continue to operate until 2021.
Bahrain’s royal circle of relatives holds a majority stake in McLaren, yet monetary pressures on both entities have been immense in recent months. McLaren’s earnings fell from $217. 7 million in 2019 to $136. 2 million in 2020, according to Forbes, while the pre-tax loss of the brand rose $600 million to $165. 6 million. He also reported at the end of June that McLaren received a loan of 150 million pounds from the Bank of Bahrain, but even that might not be enough to save McLaren’s place on the cycling team.
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