I agree the racing team's cost centre will be making a loss this season. They've got less cash coming into the business with the loss of Vodafone. However clever accountants will use the notional loss this year to offset profits in other years.
Jonathan Neale alludes to that in his comments:
whereas in previous years we've sometimes shown a very healthy profit, running to tens of millions of pounds, we don't have shareholders demanding that we do that every year ... bearing all the above points in mind, I'm pleased to say that McLaren Racing will have a larger operational budget available to it in 2014.
In a nutshell, Ron has left an IOU in the 2015 budget to help pay for 2014. I wonder who's funding the cash flow? Do they have enough cash in house, or perhaps the cashflow is supported by Honda as an advance payment as a motor racing dowry?