McLaren Group could be on the verge of getting a new owner.
Shareholders of the British supercar manufacturer have approved a plan that would allow Bahrain's sovereign fund, Mumtalakat Holding Company, to take over the company, according to Bloomberg. The company will also take control of the manufacturer's Formula 1 team, which is the second most successful constructor in the championship, as part of the deal.
The fund's plan involves a complete recapitalization of the holding company based in Woking, England, which owns McLaren Automotive and McLaren Racing (which also competes in INDYCAR), according to a joint press statement. It will introduce a simplified share structure and management process that will facilitate McLaren's expansion into other markets in the future. This would also allow the fund, which is already the majority shareholder of the company, to take full control, which, according to Sky Sports, could happen as early as this week.
"The completion of the recapitalization is a significant step in the ongoing transformation of the Group and provides a robust platform from which we can enhance our product offering and brand presence," said Paul Walsh, Executive Chairman of the McLaren Group.
This move should not come as a surprise to anyone following the recent fortunes of the McLaren Group, which sold 2,500 vehicles last year. While it produces some of the more impressive supercars on the market, the company has struggled with money for years and has had to seek funding from shareholders multiple times. The company spent 267 million pounds, or about 339 million dollars, in the first nine months of 2024, according to Bloomberg. This is partially attributed to lower vehicle sales and higher inventory levels.
Last year, the company sold 54 vehicles from its prized heritage car collection to Mumtalakat to raise cash. It turned out to be just one of several precursors to this week's move, according to Reuters. In June, the company announced that it had increased its stake in McLaren after buying shares and warrants worth more than 500 million dollars from the Public Investment Fund of Saudi Arabia (PIF) and Ares Management. That move increased the fund's stake in the company to nearly 60 percent."