- McLaren’s F1 team contributed UK£488.4m to overall turnover
- Williams lost UK£49.9m last year
McLaren Racing and Williams Racing have experienced contrasting financial results in the latest round of accounts released by the Formula One teams.
McLaren posted a pre-tax profit of UK£37.5 million (US$50.7 million), leading to a total profit of UK£54.2 million (US$73.3 million) for the financial year ending 31st December 2024. This marks a significant increase from last year’s profit of UK£12.9 million (US$17.5 million).
While a substantial portion of this growth is attributed to a deferred tax credit of UK£16.6 million (US$22.5 million), the team’s strong on-track performance and commercial success off the track have clearly contributed.
McLaren’s victory in the 2024 constructors’ championship also resulted in a notable bonus for chief executive Zak Brown, whose pay for the year totalled UK£37.3 million (US$50.4 million) – an increase of nearly UK£11 million (US$14.8 million) compared to 2023.
Overall turnover for McLaren Racing in 2024 was UK£530.3 million (US$717.2 million) split across their various racing divisions. A substantial UK£488.4 million (US$660.5 million) was contributed by the Formula One team, while UK£82.1 million (US$111 million) came from the Formula E and IndyCar teams.
In terms of overall turnover, McLaren Racing generated UK£530.3 million (US$717.2 million) in 2024, with UK£488.4 million (US$660.5 million) coming from the Formula One team and UK£82.1 million (US$111 million) from their Formula E and IndyCar divisions.
Since 2020, McLaren Racing have posted a cumulative profit of UK£35.7 million (US$48.3 million).
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Williams Racing, meanwhile, continue to face significant losses as the outfit seeks to turn around its on-track fortunes.
The Grove-based team has reported five consecutive years of losses since 2020, with the most recent figures showing a loss of UK£49.9 million (US$67.5 million) after tax. It brings the total losses over the period to UK£211 million (US$285.4 million).
Despite a notable increase in revenue, which rose by over UK£50 million (US$67.6 million) to UK£179.8 million (US$243.2 million) in 2024, the team’s administrative expenses have nearly matched this growth, reaching UK£176.2 million (US$238.3 million).
Williams’ financial statement notes that the loss for the year is ‘in line with expectations and the Group’s strategy to continue investing in all areas of the business to drive both on-track and commercial performance in pursuit of success in the medium and long-term’.
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