Report: Bahrain’s sovereign wealth fund set to buy McLaren
Rumors have emerged that Mumtalakat, the richest man in Bahrain, will become the owner of McLaren outright.
Bahraini sovereign wealth fund Mumtalakat has agreed a deal to take full ownership of the McLaren Group, including the F1 team.
According to report, the Atlantic country will become the owner of McLarenand in a deal to be announced this week. The deal includes McLaren’s 20% stake converted into a new deal, with Bahrain as the team and sole shareholder.
McLaren Racing has its own external shareholders, with subsidiary parts of the business covering Formula 1, IndyCar, Extreme E and Formula E activities. This could pave the way for technical associations and original equipment manufacturers (OEMs) in the automotive sector while McLaren transforms. in a hybrid and electric car company. Mumtalakat owns a 60% stake in the McLaren team, and the shareholders agreed this week to return all the money.
Paul Walsh, chairman of the McLaren Group, “Completing the reinvestment is an important step in the ongoing transformation of the Group and provides a strong platform to grow our product and brand space.” that Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Bahrain Mumtalakat Holding Company, the group’s majority shareholder, “We work together to provide the best management structure as the Group continues to design and deliver the world’s most innovative and exciting vehicles.”