The lack of a title won't affect this season's budget at McLaren

(McLaren Mercedes)

McLaren Racing Director Eric Boullier has confirmed that the Woking based outfit are closing in on securing a new title sponsor. The team have been searching for a new title sponsor since the departure of Vodafone at the end of last year.

When asked if the fact that the team have yet to confirm a title sponsor has had an affect on the team's finance's Boullier replied: 'Not at all'.

The Frenchman revealed that a plan that has been instigated by himself and McLaren group chairman Ron Dennis is still on target and that the team will confirm the deal once the final contract's have been signed. There have been various reports that any new title sponsor could tie into McLaren's new long term engine partnership with Honda which commences next season.

At the start of the season Ron Dennis said that despite not having a title sponsor in place the team are in the best financial position in the outfits recent history.

During the first four Grand Prix of the season McLaren have placed existing sponsor logo's on the side-pods of the MP4-29. They had Esso, SAP, Gulf Air and Mobil 1. It is likely that a new title sponsor will be announced either over the course of the Monaco Grand Prix weekend at the end of May if a deal can be reached by then. If not, the deal could be announced at the teams home race in Silverstone which would give them the best media exposure.

©Ben Johnston 2014