McLaren's Formula One future was never in doubt despite a cash crisis brought on by the Covid-19 pandemic and now resolved by a fresh injection of funds, team principal Andreas Seidl said.
The National Bank of Bahrain announced on Monday a £150 million (Dh679m) financing facility for the McLaren Group, which includes the team and supercar manufacturer.
Bahrain's sovereign wealth fund Mumtalakat Holding Co is McLaren's majority shareholder.
"It was a tough period for the team, steering a team through these financial difficulties we were in," Seidl told reporters on a Zoom call.
"The positive news we had yesterday about the funding which is in place now, is I think an extra boost, an extra motivation for all of us who are fully focused again on what we like to do most and what we do best."
McLaren were the first team to furlough staff, with drivers Lando Norris and Carlos Sainz also taking pay cuts, and have had to implement redundancies - a move that also reflects Formula One's 2021 budget cap.
"With me and [McLaren Racing chief executive] Zak [Brown] having detailed knowledge of what was actually going on ... there was never a doubt of McLaren not being on the grid next year," said Seidl.
The financial issues had not affected this season, he added, with regular performance upgrades planned.
While some infrastructure projects had been put on hold, Seidl said he was pushing to get them going again although McLaren still had to be cautious due to uncertainty over how many races there would be and the impact on revenues.
The German suggested some headlines that triggered alarm, with talk of mortgaging assets or selling a minority stake in the team, reflected McLaren's search for the best possible option in terms of funding.
"[It was] finding the right funding which would not only get us through this crisis but also put us in the best possible position to be competitive in the future. So I am very happy with the news from yesterday," he said.
Ranked: the 20 drivers on the F1 grid
ON THE GRID FOR 2020 SEASON: Nicholas Latifi (CAN) - Williams. Car: 6; age: 24; starts: 0. The Canadian rookie is partnered with George Russell after Robert Kubica was dropped just one season into his comeback year. AFP
George Russell (GBR) - Williams. Car: 63; age: 22; starts: 21; wins: 0. Surely it cannot get any worse for Williams? Despite being able to boast 16 combined drivers' and team titles, the British team finished rooted to the foot of the championship last year after scoring just one point. Reuters
Kevin Magnussen (DEN) - Haas. Car: 20; age: 27; starts: 102; wins: 0. Having previously established themselves as solid midfield runners, the American team will be looking to bounce back from a disappointing 2019 campaign where they finished ninth. AFP
Romain Grosjean (FRA) - Haas. Car: 8; age: 33; starts: 164; wins: 0. Grosjean will be joined once more by Magnussen - their fourth year together as teammates. Reuters
Antonio Giovinazzi (ITA) - Alfa Romeo. Car: 99; age: 26; starts: 23; wins: 0. Italian Giovinazzi has been retained by Alfa Romeo for a second season. EPA
Kimi Raikkonen (FIN) - Alfa Romeo. Car: 7; age: 40; starts: 312; wins: 21; championships: 1 (2007). Former world champion Raikkonen will this year become the most-capped F1 driver. The veteran Finn is just 10 races shy of Rubens Barrichello's record of 322 starts. EPA
Lance Stroll (CAN) - Racing Point. Car: 18; age: 21; starts: 62; wins: 0. Canadian Stroll starts his second campaign at Racing Point. EPA
Sergio Perez (MEX) - Racing Point. Car: 11; age: 30; starts: 176; wins: 0. Following a rather underwhelming campaign, Racing Point proved to be one of the major talking points at testing after their new car resembled a carbon-copy of last year's title-winning Mercedes. Mexican driver Perez has been with the team since 2014. Reuters
Daniil Kvyat (RUS) - Alphatauri. Car: 26; age: 25; starts: 93; wins: 0. The Russian was retained for a second straight year of his yo-yo career. EPA
Pierre Gasly (FRA) - Alphatauri. Car: 10; age: 24; starts: 47; wins: 0. A new season and a new name for Red Bull's junior team with Toro Rosso re-branded as AlphaTauri for the forthcoming campaign. Gasly, dropped by Red Bull midway through last season, drives alongside Kvyat. EPA
Esteban Ocon (FRA) - Renault. Car: 31; age: 23; starts: 50; wins: 0. Ocon spent last season on the sidelines after losing his seat to Lance Stroll at Racing Point. Reuters
Daniel Ricciardo (AUS) - Renault. Car: 3; age: 30; starts: 171; wins: 7. Ricciardo is joined by Ocon as Renault bid to bounce back from a disappointing 2019. EPA
Lando Norris (GBR) - McLaren. Car: 4; age: 20; starts : 21; wins: 0. After an impressive rookie campaign, British driver Norris is set for his second season in F1. AFP
Carlos Sainz (ESP) - McLaren. Car: 55; age: 25; starts: 102; wins: 0. McLaren emerged from the doldrums last season with their best performance in years as they finished fourth in the constructors' table. Sainz also scored McLaren's first podium since 2012 when he was promoted to third in Brazil. EPA
Alexander Albon (THA) - Red Bull. Car: 23; age: 23; starts: 21; wins: 0. London-born Albon is set for just his second season in F1 and his first full campaign as a Red Bull driver after he was promoted from Toro Rosso following last year's summer break. EPA
Max Verstappen (NED) - Red Bull. Car: 33; age: 22; starts: 102; wins: 7. Verstappen was one of the stars of last year after he finished third in the championship behind Lewis Hamilton and Bottas. Verstappen, 22, could prove Hamilton's closest challenger if Red Bull can build on a package which fired the Dutchman to three victories last season. Reuters
Charles Leclerc (MON) - Ferrari. Car: 16; age: 22; starts: 42; wins: 2. Last year, Leclerc finished ahead of Vettel in the championship, scoring a greater number of pole positions and victories than his four-time world championship-winning teammate. Reuters
Sebastian Vettel (GER) - Ferrari. Car: 5; age: 32; starts: 240; wins: 53; championships: 4 (2010, 2011, 2012, 2013). Vettel and Leclerc will lock horns for a second season in what is the sport's fiercest team rivalry. Their combustible relationship spilled over in Brazil when they collided, forcing both drivers out of the race. Ferrari have not celebrated a drivers' champion since 2007, and after a mixed pre-season campaign, the Italian team fear they will start this year on the back foot. EPA
Valtteri Bottas (FIN) - Mercedes. Car: 77; age: 30; starts: 139; wins: 7. Bottas partners world champion Lewis Hamilton for a fourth straight season. Reuters
Lewis Hamilton (GBR) - Mercedes. Car: 44; age: 35; starts: 250; wins: 84; championships: 6 (2008, 2014, 2015, 2017, 2018, 2019). Mercedes have been the dominant team in Formula One since 2014, winning a record six consecutive drivers' and constructors' championships. Hamilton has been the driving force behind their success and the British driver will start the new campaign as the favourite to win his sixth world championship in seven years to equal Michael Schumacher's overall record. Reuters
Updated: June 30, 2020 04:37 PM