British F1 and supercar icon is in financial stress due to the coronavirus pandemic, and may take drastic measures to survive.
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British F1 and supercar specialist McLaren is looking to borrow between £250 million (AU$465 million) and £275 million (AU$511 million) against its headquarters and historic car collection to see it through decreased profits during the COVID-19 pandemic.

The funds are being sought by McLaren and its financial advisers JP Morgan following the rejection of a £150 million (AU$279 million) loan application with the English government, Sky News reports in the UK.

To raise the funds, McLaren will consider mortgaging its Woking-based headquarters and historic car collection – estimated to be worth £200 million (AU$372 million) and £250 million (AU$465 million) respectively.

Above: McLaren's 'Technology Centre' headquarters in Woking, England

Among the collection are Formula One cars driven by racing legends Ayrton Senna, and the founder of the brand, Bruce McLaren, with some vehicles valued at up to £10 million each.

Sky News also reported McLaren may look to raise the funds by creating new bonds in the company for investors, with sources close to the brand saying it would look to repay investors "at the earliest opportunity" following resumption of normal trading.

McLaren employs approximately 4000 staff across its various departments and Formula One team.

Last week, Australian Daniel Ricciardo signed a multi-year contract with McLaren’s Formula One team for an undisclosed amount.