McLaren Automotive CEO Flewitt to step down

McLaren Automotive CEO Mike Flewitt has stepped step down after eight years at the helm of the supercar... The post McLaren Automotive CEO Flewitt to step down appeared first on F1i.com.

McLaren Automotive CEO Flewitt to step down

McLaren Automotive CEO Mike Flewitt has stepped step down after eight years at the helm of the supercar manufacturer.

Flewitt joined McLaren as chief operating officer in June 2012 and was appointed CEO in July 2013.

Following the Briton's unexpected resignation, McLaren has initiated a search for a successor.

In the interim, McLaren Group non-executive director Michael Macht will oversee technical and operational functions, while Chairman Paul Walsh will lead sales, marketing and public relations.

"I feel incredibly proud to have led McLaren Automotive through most of its first, highly-successful decade and am privileged to have played a part in the incredible McLaren story," said Flewitt

"This young company’s success is testament to the many passionate and talented people I have had the pleasure of working with and I look forward to seeing that success continue."

  • Read also: McLaren most popular team vote 'very flattering' – Brown

Flewitt, who presided over a troubled period endured by the McLaren Group, marked by dwindling sales following the onslaught of the global pandemic in 2020.

McLaren, which is controlled by Bahrain sovereign fund Mumtalakat, has undergone in the past year a significant financial restructuring that included the $236 million sale and lease-back of its iconic Woking headquarters.

In July, the group raise $755 million from existing investors and new backers Ares Management Corp. and Saudi Arabia’s Public Investment Fund. It also raised $620 million from a bond issue.

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Source : F1 i More   

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Andretti reportedly terminates talks with Sauber

Andretti Autosport has reportedly walked away from a deal to take a majority interest in Sauber, a move... The post Andretti reportedly terminates talks with Sauber appeared first on F1i.com.

Andretti reportedly terminates talks with Sauber

Andretti Autosport has reportedly walked away from a deal to take a majority interest in Sauber, a move that has likely brought an end to the American motorsport enterprise's ambitions of entering F1, at least in the near term.

According to a report from The Race, Andretti was set to acquire an 80% stake in Islero Investments, the entity owned by Swedish Billionaire Finn Rausing which owns Sauber Motorsport and its prime asset, the Alfa Romeo F1 team.

The two parties had apparently agreed on a purchase price for the 80% holding in Islero. However, Rausing also reportedly sought a five-year $50m-a-year payment to guarantee Sauber's presence on the grid in F1 to counter any potential future shortfall in sponsorship.

It is believed that Andretti baulked at the latter demand which came late in the day during the negotiations between the two parties. The condition suddenly put an unrealistic and stratospheric valuation on the Swiss outfit as far as Andretti was concerned.

Finn Rausing

It is also believed that Rausing is not a motivated seller, and perfectly content with Islero Investments holding on to its Sauber asset given Formula 1's bullish prospects for the future and how the value of its franchises are likely to increase.

Andretti's involvement led to speculation that its IndyCar protégé Colton Herta would be in line for a drive with Alfa in F1.

  • Read also: Ecclestone doubts Andretti bid for Sauber will succeed

The squandered deal now puts the spotlight once again on the identity of the driver who is most likely to partner Valtteri Bottas next season at Alfa Romeo Racing.

Alfa team boss Fred Vasseur is considering three names for the second seat: Chinese driver Guanyu Zhou, incumbent Antonio Giovinazzi and current F2 championship leader Oscar Pisatri.

Zhou, who is reportedly backed by a generous sponsorship package, is widely considered as the favourite to land a one-year deal with Alfa Romeo.

Piastri isn't expected to be released by benefactor Alpine while Giovinazzi's performances of late in F1 hardly justify the Italian retaining his seat with the team.

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Source : F1 i More   

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