McLaren now fully owned by Bahrain [Video]

Bahrain’s sovereign wealth fund, Bahrain Mumtalakat Holding Company, last week became the sole owner of McLaren after buying out all other shareholders in a recapitalization process.

Bahrain Mumtalakat was already the main shareholder of McLaren which is responsible for the McLaren Automotive supercar business and also owns a majority stake in McLaren Racing, the company that operates the McLaren Formula 1 team.

McLaren has been struggling financially since the pandemic. The company has survived on additional funding from existing investors, as well as taking some more extreme measures, like selling historic cars and selling its headquarters in a sale-and-lease-back deal.

In the first nine months of 2023, which is the most recent period for which McLaren’s financial results are available, the company reported a pre-tax loss of 276 million British pounds (approximately $349 million).

To turn the ship around, Bahrain Mumtalakat reached a deal with other shareholders late last year to undertake the recapitalization in order to introduce …