McLaren Group £150m loan rejected

This can't be good for them. They asked for 150 million pounds for a government loan and the UK ministers said "nope"

https://news.sky.com/story/coronavirus-government-puts-brakes-on-150m-mclaren-loan-plea-11984602

The owner of the McLaren F1 team has been snubbed by the government after requesting a £150m loan to steer it through the coronavirus pandemic.

Sky News has learnt that the Department for Business, Energy and Industrial Strategy (BEIS) informed the Surrey-based automotive group earlier this week that it was rejecting the funding plea.

Sources said that McLaren Group had contacted ministers to seek a commercial loan from the taxpayer amid ongoing talks between the government and a string of big companies, including Tata Steel and Virgin Atlantic.

McLaren has seen sales of its supercars evaporate overnight as a result of the COVID-19 crisis, while its F1 team is awaiting formal confirmation that the Grand Prix season will get underway during the summer following months of race postponements.

On a call with investors last week, Paul Buddin, McLaren's finance chief, said: "We are looking at a number of very credible sources, and that includes all [those we] might be expected to ask, including government, including third parties."