The Bahraini fund called Mumtalakat was already McLaren’s largest shareholder, but now, it has taken over full ownership of the storied British sports car brand and racing teams. McLaren has had some rocky years financially, so the move will help shore up its base and prepare it for success moving forward.
McLaren Group, which also has a majority stake in McLaren Racing, has had several years of production delays and layoffs. It sold its headquarters to help fund the production of its new Artura. Group Charmain Paul Walsh said, “This will further enable us to focus on delivering our long-term business plan, including investment in new products and technologies, whilst continuing to explore potential technical partnerships with industry partners.”
Mumtalakat gets ownership of McLaren Automotive, but McLaren Racing brings a sprawling organization with teams competing in F1, IndyCar, Formula E, and Extreme E. The company retained Zak Brown as CEO of McLaren Racing until 2030, helping ensure stability as its teams aim to climb upwards on their respective grids.
As an independent brand unable to rely on a legacy automaker for support, McLaren has been in a tough spot. Competitors like Lamborghini have significant corporate backing, while Ferrari has almost 100 years of history and one of the most valuable brand names behind it. With the backing of the Bahrainis, McLaren should be able to focus on product development and avoid the delays that have plagued it as it scraped for cash in years past.
[Image: McLaren]
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via Autobuzz Today
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