Formula 1: Does Mclaren have financial challenges?

McLaren chairman Ron Dennis says he would rather be without a title sponsor than undersell the space on his team's Formula 1 car. He is quoted as saying.

 "Title sponsorship doesn't exist any more as a concept," said Dennis. "If you look at what title sponsorship would normally be, it would be somewhere between 40-50 per cent of your budget.
"Where the budgets are for a competitive team, no company will come in and give you that kind of money.
"Therefore what you do is you cut it up into bite-sized pieces, so you get a range of companies with similar philosophies to join you on the car.
"Do we have room for bigger brands on our cars? Yes we do. But the reality is that we put ourselves in a position where the technology side of our business is providing different dynamics [of revenue]."
 "I feel a bit like Manchester United, which has had a run of crappy football games and gone down in the league. I still think we are Man Utd, I still think that we can come along and say 'will you sponsor us? We are still Man Utd'.
"The last thing you should do is suddenly start doing deals that are last place in the league table. That is maybe flawed, but I don't think so. That is the way I think."

What do you think about his statements?  Surely a team like Mclaren should always have a sponsor.