By Jonathan Noble Thursday, December 7th 2006, 11:50 GMT
McLaren are on course to pay off their debts ahead of schedule next year, claims team boss Ron Dennis.
The Woking-based team made a massive investment several years ago in their new state-of-the-art factory, the McLaren Technology Centre, and there were wild rumours that the outgoings for that would shackle them for years.
But Dennis insists that not only are the company's finances in good shape, but that it will pay off everything it owes earlier than originally expected.
"Our prediction of being debt-free on February 10 was wrong," said Dennis. "We will be debt free on January 28. That is a target.
"We are virtually debt free today. We will have positive bank balances dipping and rising throughout the year.
"Our profitability we target to be greater this year than last, and greater the year after. And we have never been as commercially healthy in the entire history of the group. That's a fact."
McLaren's good financial situation has made it less likely that Dennis will sell any more equity in the team to engine partner Mercedes-Benz.
Dennis has made it clear that such a scenario would only unfold if he and fellow shareholder Mansour Ojjeh believed it would be a benefit to the team.
"I don't know how many times we have discussed it," he said. "We certainly discussed it last year. Obviously when you have these discussions inevitably you get into groups of people, and board members realise the sensitivities of the discussions. So sometimes elements leak out.
"I have said at Grands Prix and I'll say again: there are many opportunities that present themselves in our lives, as an individual and as corporations.
"Any opportunity that presents itself to this group, that can make it better, and is completely supported by its management who are non-equity holders, I would embrace it.
"But I would never endorse and nor would Mansour, a simple exit strategy. What we would endorse is something that can grow the group."
