Bahrain will take full ownership of the McLaren Group

The McLaren The group will soon fall under the full ownership of Bahrain’s sovereign wealth fund, according to a new report.

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The Bahraini investment fund Mumtalakat is currently the largest shareholder of the British car manufacturer and racing outfit with a roughly 60% stake. The fund is now said to be moving towards a deal with McLaren’s remaining minority shareholders, which will involve converting their equity into warrant-like instruments and giving the fund full ownership of the brand.

Sky News states that these contracts offered to minority shareholders will not be classified as shares, but will have the right to benefit from important liquidity events such as McLaren’s potential initial public offering. The deal could be announced as early as this week.

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Read: Latest McLaren Artura Recall is Over A Fire Risk from Bad Fuel Pipe

    Bahrain will take full ownership of the McLaren Group

It is understood that the firm’s complex capital structure has deterred major car manufacturers from partnering with it, and Sky News suggests that a simpler ownership structure could “pave the way for technology partnerships with OEMs in the coming years”.

Mumtalakat increased his stake in McLaren this year. It has already acquired shares previously held by Saudi Arabia’s sovereign wealth fund as well as American financial investor Ares Management.

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The last three years have been quite stormy financial times for the car company. The Covid-19 pandemic has not only forced it to cut jobs, it has been forced to sell a major stake in its McLaren Racing division, while completely offloading McLaren Applied Technologies. She also sold her famous mansion in the UK for $237 million and is now renting it out under a 20-year deal.

Earlier this week, McLaren updated the GT with a launch the new GTS. This updated model has slightly more power than its predecessor, weighs less and has an even more advanced suspension system.

    Bahrain will take full ownership of the McLaren Group