Source: REUTERS/RULA ROUHANA
[Saba Sports News] McLaren Group is on the verge of welcoming a new
owner within the next few days. Shareholders of the British supercar maker have
approved a proposal for Bahrain’s sovereign wealth fund, Mumtalakat Holdings,
to assume ownership. As part of the deal, Mumtalakat will also gain control of
McLaren’s Formula One team. In the 2023 season, McLaren achieved second place
in the team’s overall standings. With the new ownership, Bahrain’s sovereign
fund intends to implement a streamlined shareholding structure and governance
process to facilitate McLaren’s expansion into other markets. McLaren Group’s
Executive Chairman, Paul Walsh, emphasized that the completion of this
recapitalization marks a significant step in the group’s ongoing
transformation. In the previous year, McLaren Group sold approximately 2,500
supercars. However, its revenue for the first nine months of 2023 amounted to
only £267 million, representing a notable decline compared to the previous
year. This decline can be attributed to reduced car sales, increased inventory,
and a downturn in F1 results. McLaren Group has faced funding challenges and
has repeatedly sought cash flow from shareholders. Last year, the company sold
its collection of 54 classic cars to Mumtalakat as a means of raising funds.