McLaren profits quadruple in £530million championship-winning campaign

McLaren Racing enjoyed a significant revenue jump during the F1 2024 campaign that translated into financial year profits more than four times that seen in 2023.

Accounts for the Woking-based squad reveal a £54.2million profit on turnover of £530.3million for 2024.

McLaren Racing experienced incredible financial growth in F1 2024

McLaren’s off-track performance last year mirrors its on-track efforts in a season in which it sealed its first Constructors’ Championship since the turn of the century.

In conjunction with that accomplishment was a strong upturn in revenues, rising to £530.3million ($714m) from £431.1million ($580m) in 2023.

That resulted in a post-tax profit of £54.157million ($72.9m) – a sharp increase of £41.24million over the previous year.

“2024 saw McLaren Racing Limited reclaim the Formula One Constructors’ Championship, marking a triumphant return to the top after 26 years,” noted Zak Brown in his directors’ report.

“The season’s success was a testament to the hard work of the entire team, supported by our valued partners and passionate fans. It also demonstrated the team’s remarkable progress in recent seasons, rising from 4th position in 2023 to 1st in 2024.

“Success extended across other racing series as well. In IndyCar, Pato O’Ward secured three race wins while in Formula E, Sam Bird delivered the team’s first-ever victory in Sao Paulo.”

A breakdown of the team’s finances shows the F1 operation accounted for £488.4million ($657.5m, up from £386.97m; $521m) of the business’ revenue, with its IndyCar project next best with £45.2million ($60.85, from £42.78m; $57.6m) with the balance coming via its Electric Racing (Formula E and Extreme E) and Corporate channels.

McLaren’s performance is all the more remarkable given that, during the pandemic, the organisation came close to extinction.

Slowed demand for McLaren road cars put the broader McLaren group under significant financial pressure, resulting in a host of redundancies, including within the Racing operation.

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That saw Brown head to the market to secure additional funding, with MSP Capital acquiring a minority stake in the business in a deal that, at the time, valued it at £560million ($754m).

Last month, MSP Capital Partners sold its stake in a deal that was reported to value the squad at £3billion ($4.01bn).

However, sources with knowledge of the transaction have revealed to PlanetF1.com that the true value is in excess of £3.74billion ($5bn).

That’s believed to mark the largest return for an institutional investor in the history of sport.

McLaren’s strong financial performance has continued, with the announcement of Mastercard becoming naming partner of the F1 operation for 2026 in a deal estimated to be worth £74million ($100m) annually.

The squad will also enjoy increased payments from Formula One Management in terms of prize money this year as a result of winning last year’s Constructors’ Championship, estimated by PlanetF1.com to be worth upwards of £66.85million ($90m) annually – a £14.9million ($20m) increase on what it received during the F1 2024 campaign.

With the squad on the precipice of another Constructors’ Championship, it looks certain to continue receiving the largest prize money payout as Lando Norris and Oscar Piastri duke it out for McLaren’s first Drivers’ Championship since Lewis Hamilton in 2008.

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