A rumored agreement between the country’s sovereign wealth fund and shareholders would give the company a single owner.
December 20, 2023 in 12:45pm (Eastern Standard Time)
McLaren could soon have a new owner. An announcement revealing that Bahrain’s sovereign wealth fund Mumtalakat Holding Company will take full control of the McLaren Group could be made as early as this week, according to new reports. The fund is fully owned by the government and is reportedly in acquisition talks with the remaining shareholders.
This time last year, Mumtalakat owned nearly 60% of the company and had expanded his control by early 2023. The fund and other investors have been an important source of funding for McLaren in recent years, helping to keep the company afloat. We faced many production hurdles.
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In late 2022, the automaker had to sell some of its historic vehicles to fund delayed development upgrades to its Artura supercar. Mumtalakat is said to have paid £100 million ($126.6 million at today’s exchange rates) for an undisclosed number of historic vehicles, but the sale also reportedly included an F1 championship car. be done.
McLaren also suffered supply chain issues due to the pandemic, and sold its headquarters and F1 factory in April 2021. The deal nets them $240 million while keeping them as tenants for the next 20 years.
October report telegraph paper It has been revealed that the company has received around £600 million ($760 million) from various investors since July 2022. Around 370 million pounds ($469 million) arrived between March and September this year, after the company ended 2022 with 349 million pounds ($421 million). ) will result in a loss.
The company is undergoing a reorganization to streamline its operations. The company appointed Michael Reiters as its new CEO in July 2022, but several months after he took over, he admitted that past products were “not mature.” A single owner like Mumtalakat can help bring stability and focus to the company.
McLaren Racing oversees the company’s F1 efforts and has its own group of private investors. motor 1 McLaren did not immediately respond to a request for comment.The company declined to comment sky news.