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22 March 2024, 13:35

Bahrain Sovereign Fund Acquires Full Ownership of Iconic McLaren Group

In a historic move that marks a new era for one of Britain’s most iconic automotive and motorsport brands, Bahrain’s sovereign wealth fund, Mumtalakat, has achieved full ownership of McLaren Group. The culmination of years of strategic negotiations aimed at stabilizing and securing a prosperous future for the celebrated supercar manufacturer and Formula One stalwart.

CVB has been informed that McLaren is poised to announce the completion of this significant recapitalization by the end of today. This acquisition not only bolsters McLaren’s financial health and governance but also lays the groundwork for an intriguing technology partnership with a global automotive leader. This partnership could potentially lead to Mumtalakat selling a minority stake in the Woking-based behemoth.

Paul Walsh, McLaren’s Executive Chairman, welcomed the deal as a crucial step in reinforcing the company’s dedication to innovation and excellence. “This will further enable us to focus on delivering our long-term business plan, including investment in new products and technologies,” said Walsh, underscoring the opportunity to develop technical partnerships within the industry.

This transaction signifies a pivotal moment for McLaren, aiming to enhance its dominant position in the luxury supercar and motorsports arenas. With a revamped organizational structure, McLaren is well-positioned to explore strategic opportunities that will broaden its influence and technological edge in the market.

Highlighting the brand’s commitment to its vision and legacy, Zak Brown, leader of McLaren Racing, has committed to a new long-term contract with the group. As part of the recapitalization effort, the remaining minority shareholders have converted their equity into instruments that will benefit from future liquidity events, such as an IPO or sale, promoting a cohesive strategy for growth.

The restructuring arrives at a critical time for McLaren, which previously encountered obstacles in attracting long-term partnerships due to its intricate capital structure. Simplifying this structure is expected to facilitate partnerships with automotive original equipment manufacturers (OEMs), particularly as McLaren transitions towards hybrid and electric vehicle production.

Despite the challenges posed by the COVID-19 pandemic and the subsequent economic pressures, McLaren has shown resilience and strategic acuity. The brand has successfully navigated significant restructuring, including a £170m sale-and-leaseback of its iconic Surrey headquarters, ensuring its legacy and competitive spirit continue to thrive.

Founded in 1963 by motorsport legend Bruce McLaren, the group has left an indelible mark on the racing world, boasting eight constructors’ championships and a storied list of drivers. The reunification of McLaren’s divisions marks a return to its roots of innovation, competition, and success, steered by a vision that blends its rich heritage with a future driven by technological innovation and strategic expansion.

Notes to the editor

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