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McLaren

Report: Bahrain sovereign wealth fund set for McLaren takeover

The Bahrain state sovereign wealth fund, Mumtalakat, will effectively become the sole owner of McLaren according to reports.

Norris Piastri Brazil
Rumour
To news overview © XPBimages

Bahrain's sovereign wealth fund Mumtalakat has reportedly agreed a deal to take over full ownership of the McLaren Group - including the F1 team.

According to Sky News, the Gulf state will effectively become McLaren's sole owner in a deal that could be announced as soon as this week.

The deal would involve 20 per-cent equity in McLaren being converted into new contracts, leaving the Bahrain state as the group's sole shareholder.

McLaren Racing has its own external shareholders, with it a subsidiary area of the business that covers their Formula 1, IndyCar, Extreme E and Formula E operations.

This could pave the way for a technology partnership with an original equipment manufacturer (OEM) in the automotive sector, as McLaren transitions towards becoming a hybrid and electric vehicle company.

Mumtalakat already owned a 60 per-cent stake in the McLaren Group, with shareholders approving a full recapitalisation this week.

Paul Walsh, McLaren Group Executive Chairman, said: “Completing the recapitalisation is a significant step in the ongoing transformation of the Group and provides a solid platform from which to grow our product offering and brand presence.”

H.E. Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Bahrain Mumtalakat Holding Company, the majority shareholder of the Group, said: “Today’s announcement is testament to the diligent steps that have been taken in what is a comprehensive and long-term plan with our partners to deliver an optimal governance structure as the Group continues to design and deliver the world’s most innovative and exhilarating supercars.”

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