$100 Billion Company Goldman Sachs Announces Mega Partnership With McLaren F1

Published 06/23/2022, 9:14 AM EDT
Formula One F1 – Bahrain Grand Prix – Bahrain International Circuit, Sakhir, Bahrain – March 18, 2022 McLaren’s Daniel Ricciardo during practice REUTERS/Thaier Al-Sudani

It was back in 2020 when the McLaren Group suffered one of the most painful financial crises ever witnessed in the automotive industry. Needless to say, their biggest asset, the McLaren F1 team, too, had to cope with the impact as well.

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And there were even shocking rumors going around that McLaren would sell the historic racing outfit to an interested buyer. However, as the rumors continued to echo across the paddock, McLaren silently played a smart game of chess to revive themselves from the downfall. In 2021, MSP Sports Capital agreed upon a 15% stake buy-in for $185M, which would steadily increase to 33% by the end of 2022. A game-changing deal indeed!

McLaren Racing CEO, Zak Brown at Kelvingrove Art Gallery on November 03, 2021 in Glasgow, Scotland. (Photo by Chris Jackson – WPA Pool/Getty Images)

This move opened the floodgates as a load of American companies swarmed McLaren for a potential sponsorship deal; For instance, Google, Android, contract extension with Cisco, and others. Now, barely months since this major unfolding, McLaren has made another impressive signing with the help of marketing maestro Zak Brown.

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This time, it isn’t just a company that dominates in the field of technology, but a company that is a force in the field of finance.

McLaren Racing announce latest F1 sponsor

The name is Goldman Sachs! Goldman Sachs is worth nearly $100 billion, having witnessed revenue of over $60 billion in 2021. All in all, the numbers are absolutely staggering.

In McLaren Racing, we have a partner with a passion to lead—with an unambiguous commitment to accelerate their transition to net zero,” the statement read on Goldman Sachs’ official website. “Our colleagues in Investment Banking who advise clients on decarbonization will be working with the McLaren Racing team to help them drive forward their decarbonization plans.

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As of now, McLaren are in partnership with over 20 American companies, and the team boss, Zak Brown, has well been the key factor behind this major transition. Hence, it is safe to say that the Papaya team will continue to lure more such companies from the United States in the coming years.

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And this could well kindle a wave of deals between other F1 teams and American companies yearning to break their way into the sport. So, will the ‘Americanization of F1’ continue amidst McLaren’s persistent signings? Well, only time will tell.

 

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Rohit Kumar

1881 articles

Rohit Kumar is an F1 author at EssentiallySports. He has been an ardent follower of the racing series since 2007, with his love for the sport coinciding with his love for Kimi Raikkonen. He is also an ardent follower of Sebastian Vettel and Aston Martin Racing.

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