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McLaren pay $15 million compensation to Whitmarsh
A $15 million pay-out to former team principal Martin Whitmarsh contributed to the financial loss recorded by McLaren last year. Writing for Forbes, F1 business journalist Christian Sylt said the latest financial statements for 2014 showed McLaren paid 'compensation for (the) loss of office of a director', which surely must be Whitmarsh. Overall, McLaren turned a $19 million net profit for 2013 into an almost $25 million loss in 2014, with Sylt saying it is mainly due to the British team's performance dip. Whitmarsh joined McLaren as Head of Operations in 1989. In 1997, Whitmarsh was promoted to Managing Director, where he was responsible for managing the F1 operation and its partners and...
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10y ago from GrandPrix247.com
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