Bahrain’s sovereign wealth fund will take full control of McLaren Group after reaching an agreement with minority shareholders.
Bay state investment fund Mamtarakat is on the brink of a deal with McLaren that would see around 20 per cent of its stake converted into warrant-like products, Sky Sports News reported.
This means that the new contract will have the economic right to benefit from future “liquidity events” but will not be classified as equity.
The deal is also expected to be announced this week, with the state of Bahrain set to become the sole shareholder of the F1 team’s ownership group.
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McLaren Racing, which directly runs all racing operations, including F1, has its own external shareholders after a deal was struck to raise capital during the coronavirus pandemic.
One source said the deal, expected to be agreed this week, would underline Mumtalakat’s confidence and leadership in “turning around” McLaren.
Earlier this year, the investment fund acquired a stake in McLaren’s Saudi Arabian sovereign wealth fund as well as Ares Management, a major US-based financial investment firm.
Just recently, it was reported that the company, which makes the delayed Artura supercar, has injected an extra £80m.
McLaren will be under the guidance of Zak Brown in F1, as evidenced by their improved form in the second half of 2023, with drivers Lando Norris and Oscar Piastri, and a fourth-place finish in the Constructors’ Championship. is making a comeback.
GPFans has contacted McLaren for comment.
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