Speaking from my usual ignorance, I'm not sure that I agree with this. Companies go bust, and we all know racing is a precarious area for businesses. The numbers don't stagger me. They equate (I would guess) to a loss of about half one year's operating costs. That's before the assets (fleet of cars) is disposed of, which will reduce the loss.
The "long term plan" was the same as any racing operation; to attract sponsorship; that's the element that failed.
Then you're confronted with the question: when to cut losses and stop. It's probably universal (and understandable) in such events to hang on too long, hunting for a rescue package.
Maybe there is something irresponsible here but I can't see much.
In fairness I don’t think there was anything irresponsible here, just some naivety and perhaps even cognitive dissonance on display here - Adrian Newey and David Coulthard are two of the big investors who you would think have a good insight into how this could eventually turn a profit.
There is a large international debtor who owes around £15m which is presumably Liberty and presumably who aren’t paying for 2022 due to the failure to deliver all scheduled races, so even with a decent revenue stream, they still haemorrhaged cash, even without the cars which are assets so wouldn’t be fully included in that £34m+ lost.
Even the discussions the directors entered into prior to administration were looking for benefactors to fund further losses until they could eventually find profitability.
Of course I have sympathy with the ‘little people’ who are owed money and hopefully the cars can realise some good % of their debts, but as per the administrators report, the cars have been locked away in shopping containers now for a year and DHL won’t even let them inspect them until they get paid, so there is no guarantee the cars will realise their value as I’m sure they’re not supposed to sit for 12 months outside in containers..