The exit of Daniel Ricciardo has been hinted at as a contributing factor in McLaren recording a £9 million operating loss in 2022.
According to its annual report, McLaren Racing Limited, which encapsulates its F1, IndyCar, Formula E, and Extreme E organisations, posted revenue of £327.892 million to December 31, 2022.
That’s an increase of more than £115 million over what the Group managed to the same point in 2021.
According to the report, the increase is “primarily as a result of increased sponsors in the year, a return to pre-covid hospitality and inclusion of revenue from the IndyCar operations.”
McLaren acquired a 75 percent stake in what was Schmidt Peterson Motorsports, the entity becoming McLaren SP in 2020.
It further increased its stake in August 2021 with that acquisition completing on December 31, 2021.
Last year was the first year in which revenue from the operation hit McLaren Racing’s annual report, which shows it positively contributing £16.35 million.
Ultimately, McLaren posted an operating loss of £9.08 million, though a marked improvement on 2021 when it reported a loss of £32.65 million.
For 2022, the report stated, “pressures across all costs as well as a one-off provision for driver costs and increased costs related to a return to pre-covid hospitality levels have all contributed to this.”
During last season, McLaren parted ways with Daniel Ricciardo despite the Australian having a year left on his contract.
That is understood to have not come cheaply, with sources suggesting to Speedcafe at the time that the pay-out figure was more than £17 million.
McLaren has been embarking on a period of growth, investing in new facilities such as an all-new wind tunnel and simulator, which have come online during 2023 but will offer greater on-track benefits for the 2025 F1 season.
The team has also made a number of key hires following a restructuring of the technical department shortly after Andrea Stella took the reins.
McLaren ended the 2022 F1 season fifth in the constructors’ championship with 159 points.
With two races remaining in 2023, it sits fourth with 282 points, 21 clear of Aston Martin after a stunning turnaround following upgrades introduced at the Austrian Grand Prix.
