Bahrain’s sovereign wealth fund Mumtalakat has reportedly agreed a deal to take over full ownership of the McLaren Group, including its F1 team.
according to sky newsThe deal, which could be announced as early as this week, will effectively make the Bay State the sole owner of McLaren.
The deal will see 20% of McLaren’s shares converted into a new deal, leaving the state of Bahrain as the group’s sole shareholder.
McLaren Racing has its own external shareholders and is an ancillary area of the business covering Formula 1, IndyCar, Extreme E and Formula E operations.
This could pave the way for technology partnerships with original equipment manufacturers (OEMs) in the automotive sector as McLaren moves towards becoming a hybrid and electric vehicle company.
Mumtalakat already owns 60% of McLaren Group, with shareholders this week approving a full recapitalization.
Paul Walsh, McLaren Group Executive Chairman, said: “The completion of the recapitalization is an important step in the Group’s ongoing transformation and provides a solid foundation from which to grow our product offering and brand presence. ”.
His Excellency Sheikh Abdullah bin Khalifa Al Khalifa, Chief Executive Officer of Bahrain Mumtalakat Holding Company, the group’s major shareholder, said: Work with our partners to achieve the optimal governance structure as our group continues to design and deliver the world’s most innovative and exhilarating supercars. ”