Revealed: Bahrain set to take full control of McLaren F1 team
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The Gulf state’s sovereign wealth fund is on the verge of effectively becoming McLaren’s sole owner in a deal that could be announced as soon as this week, according to a report by Sky News. It would involve “roughly 20 per cent of the equity in McLaren being converted into the new contracts”, the report said. Sky News reported the new contracts will have the economic rights to benefit from a future “liquidity event” such as an initial public offering of McLaren, but would not be classed as shares. Mumtalakat, which already owns an estimated 60 per cent stake in the McLaren Group, said on Tuesday that the Group’s shareholders had approved a full recapitalisation. This is set to introduce a “simplified share structure, a streamlined governance process and expansion to new markets”. Paul Walsh, McLaren Group Executive Chairman, said: “Completing the recapitalisation is a significant step in the ongoing transformation of the Group and provides a solid platform from which to grow our product offering and brand presence.”H.E. Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Bahrain Mumtalakat Holding Company, the majority shareholder of the Group, said: “Today’s announcement is testament to the diligent steps that have been taken in what is a comprehensive and long-term plan with our partners to deliver an optimal governance structure as the Group continues to design and deliver the world’s most innovative and exhilarating supercars.”Related Rare defeat for Verstappen as he loses to Haaland in BBC SPOTY award Hamilton’s first F1 winning race suit makes huge profit for owner at auction
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