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McLaren suffers £2.3m loss

Following its disastrous Formula One season last year, in which it was fined a staggering £50m for allegedly possessing technical secrets belonging to Ferrari, McLaren has now posted a loss of £2.3m for 2006. This is down from £14.3m profit the year bafore.

The McLaren Group is is part-owned by Mercedes, with a 40pc stake, and Bahrain’s sovereign wealth fund, Mumtalakat, with £30pc. Ron Dennis owns part of the rest with the Saudi-run TAG Group.

The Group was hit on all fronts. Sales of its £300,000 flagship car, the SLR, produced with Mercedes, fell from 649 in 2005 to 261 in 2006.

The ban on tobacco advertising in F1 reduced its turnover to £206.6m, and Lewis Hamilton’s failure to secure the world title meant further losses. Without the rookie’s efforts though, Fernando Alonso may well have won the title for the team.

Even a great performance by Lewis counted against them in 2007. Truly the stars were not on their side. They will be praying for better fortune this year.

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