British supercar manufacturer McLaren Group, which includes the Formula One team, said on Tuesday it would cut 1,200 jobs under a proposed restructuring programme as it deals with the fallout from the COVID-19 pandemic.
FILE PHOTO: The McLaren logo is seen on the McLaren 765LT at its launch at the McLaren headquarters in Woking, Britain, March 3, 2020. REUTERS/Peter Nicholls
“It is a course of action we have worked hard to avoid, having already undertaken dramatic cost-saving measures across all areas of the business. But we have no other choice but to reduce the size of our workforce,” Executive Chairman Paul Walsh said. Formula One is due to introduce a $145 million budget cap next year as the sport seeks to cut costs and help the 10 teams survive.
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