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In December, McLaren shareholders unanimously approved a complete recapitalization of the business, ostensibly to allow for a “simplified” and “streamlined” governance process.
However, the supercar maker’s financial situation has long been under scrutiny.
Amid the coronavirus pandemic, we secured a £150m loan from the National Bank of Bahrain, sold our stake in our F1 team, entered into a leaseback agreement for our famous technology center factory in Woking, and increased our £1,000 loan from the National Bank of Bahrain. reduced employment.
In addition to the delay in the launch of its new hybrid supercar, the Artura, there were reports that Audi, which was considering the best way to enter F1 at the time, was considering a major investment in McLaren.
However, McLaren Group has now announced that long-term investor Bahrain Mumtalakat Holding Company (Bahrain’s sovereign wealth fund) has taken full ownership of the share capital “after converting all preference shares into ordinary shares”. .
Paul Walsh, McLaren Group Executive Chairman, said: “We are delighted that Mamtarakat will continue to contribute to McLaren through this agreement, strengthening our ownership and governance structure.”
“This will enable us to further focus on realizing our long-term business plans, including investments in new products and technologies, while continuing to explore potential technology collaborations with industry partners.”
Lando Norris, McLaren MCL38
Photo credit: Zak Mauger / Motorsport Images
Mumtalakat has been associated with McLaren since 2007, when it bought a 30% stake from former chairman Ron Dennis and the late Mansour Ogier.
After initially selling its stake in the F1 team to American investment firm MSP Sports Capital for £185m, the McLaren Group has acquired a 67% stake in McLaren Racing, which also competes in IndyCar, Formula E and Extreme E. % will be retained.
Ahead of the Australian Grand Prix, McLaren Racing confirmed that CEO Zak Brown has signed a new contract until 2030.
McLaren’s relationship with Bahrain was raised in the House of Lords on Thursday as part of a debate about sport being used to improve the image of countries with poor human rights records.
As part of the debate, his compatriot Lord Scriven accused F1 CEO Stefano Domenicali of “lack of professionalism and engagement” for failing to respond to concerns about championship racing in states seeking to “sportwash” F1’s image. They accused him of arrogance and lack of self-confidence.
Mr Scriven added that Mr Domenicali’s “refusal to engage with issues surrounding F1 and human rights has caused F1’s leadership to damage the reputation of his sport”.
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