Sport

McLaren expect to lose a third of revenues

06:38 am on 8 December 2008

McLaren expect their revenues to fall by more than a third as a result of the global economic crisis that has already seen Honda announce it is quitting the sport.

The Formula One team's boss and co-owner Ron Dennis says sponsors' advertising budgets are bound to be slashed, or at least trimmed significantly.

Dennis says they know they have to reduce costs to cater for the inevitable downturn in income coming in 2010 and 2011.

He's predicted turnover will drop from about $770 million a year to as low as $480 million a year.

McLaren won its first Formula One title since 1999 this season, with Britain's Lewis Hamilton becoming the sport's youngest world champion at the age of 23.

It is the second most successful Formula One team after Ferrari in terms of races and titles won.