mclaren
It could be several days before the McLaren Group has a new owner.
Shareholders of the British supercar maker have approved a plan that would allow for a takeover by Bahrain’s sovereign wealth fund, Mamtarakat Holding Company, according to Bloomberg. As part of the deal, the company will also take control of the manufacturer’s F1 team, the second most successful constructor in the championship.
The wealth fund’s plan calls for a complete recapitalization of the Woking, England-based holding company that owns McLaren Automotive and McLaren Racing (which also competes in IndyCar), according to a joint press release. This will introduce a streamlined share structure and governance process, making it easier for McLaren to expand into other markets in the future. It would also be possible for the fund, which is already a major shareholder in the company, to take full management control, which could happen as early as this week, Sky Sports reports.
McLaren Group executive chairman Paul Walsh said in a statement: “The completion of the recapitalization is an important step in the group’s ongoing transformation and provides a solid foundation from which to expand our product offering and brand presence.” said.
The move will come as no surprise to anyone who has followed McLaren Group’s recent performance, which sold 2,500 cars last year. Despite building some of the better road-going supercars on the market today, the company has had financial problems for years and has had to repeatedly ask shareholders for cash. I had to. The company made a profit of 267 million pounds (about $339 million) in the first nine months of 2024, according to Bloomberg. This is believed to be partly due to lower vehicle sales and increased inventory.
Last year, the company sold 54 vehicles from its valuable heritage car collection to Mamtarakat to raise cash. This turned out to be one of several precursors to this week’s move, according to Reuters. In June, the company announced that it had increased its stake in McLaren by purchasing $500 million worth of shares and stock acquisition rights from Saudi Arabia’s Public Investment Fund (PIF) and Ares Management. With this move, the fund’s stake in the company rose to nearly 60%.