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The McLaren Group has launched legal action to allow it to secure new funds it needs to prevent💎 it from having to sell a stake in its Formula 1 team.

M𝔉cLaren is seeking “urgent” refinancing to combat “severe and unexpected financial difficulty” caused by the coronavirus cri❀sis.

McLaren has been seeking to raise additional funding after seeing its road carℱ sales plummet, while it faces a severe loss in revenue from F1 due to the opening 10 races being called off because of the COVID-19 pandemic.

As part of its effort💦s to raise funds, the Surrey-based auto🌊motive group attempted to secure a loan against its historic F1 car and McLaren Technology Centre in Woking.

But the move to raise up to £2🌊75 million was blocke𓄧d by a group of investors that claimed a bond from 2017 has already secured the assets, meaning further loans against them is not possible.

McLaren’s shareholders injected £291 million into the carmaker in March in 🦋a 🍒direct response to the coronavirus pandemic, but this has already been spent.

An expedited hearing to determine whether its proposed refinancing can go ahead is 💧due to take place next week in London.

In the court documents, McLaren says: “The scale and impact of the pandemic quickly⛎ became apparent to the senior management of the (McLaren) group.

"The pandemic has had a massive 🎃and detrimental effect on the group's trading performance.

"The start of🔥 the F1 season has been delayed. Car dealerships have꧟ temporarily closed; supplies have been interrupted; manufacturing has been suspended or impeded; customer orders have declined; sponsorship revenues have fallen and additional costs have arisen from health and safety measures.”

The McLaren Group recorded a £175 million drop in revenue through the first quarter of 2020ও and last month it announced plans to cut staffing levels, with the racing team expected to trimmed by 70.