Bahraini investment fund takes control of McLaren
British sports-car company McLaren now has a new owner, thanks to increased investment from a Bahraini group.
The state-owned company now has full ownership of McLaren, bringing financial stability to the troubled firm.
Sportscar company McLaren is now under the full control of a Bahraini state-owned investment fund.
The deal, made between the carmaker and the Mumtalakat Holding Company – which is the sovereign wealth fund of the Kingdom of Bahrain – means the investor has complete ownership of the McLaren Group, as well as a majority stake in the Formula One team.
“This will further enable us to focus on delivering our long-term business plan, including investment in new products and technologies, whilst continuing to explore potential technical partnerships with industry partners,” the Group’s executive chairman, Paul Walsh, said in a statement.
Although the fund was already McLaren’s largest shareholder, the move has been hailed a major milestone following years of financial uncertainty for the firm.
His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, chief executive officer of Mumtalakat, added: “The completion of this process is a significant milestone that reflects our support for McLaren’s continued innovation and long-term commitment to excellence.”
McLaren has faced financial turmoil since the start of the COVID-19 pandemic, when it suspended production for a time, cancelled its racing activities and restructured – leading to the loss of more than 1000 jobs.
The brand first sold off its Surrey headquarters in April 2021, for $US240 million ($AU367 million), while remaining as its tenant for the next two decades.
Source link
