British supercar and technology manufacturer McLaren Group has announced that Bahrain’s sovereign wealth fund has taken control of the organisation.
The fund, Bahrain Mumtalakat Holding Company, or Mumtalakat, has been a majority shareholder for several years but now takes full ownership following the conversion of all preference shares into ordinary shares.
The change comes after McLaren experienced years of financial strain, beginning during the COVID-19 pandemic.
In 2020, the company underwent a significant restructuring that saw the loss of over 1000 jobs, while further issues like computer chip shortages plagued the production of the Artura supercar, leading to lengthy delays in customer deliveries.
With full control, Mumtalakat now hopes to turn things around for the Group.
“We are delighted at Mumtalakat’s continued commitment to McLaren through this deal, which strengthens our ownership and governance structure,” says Paul Walsh, Executive Chairman of the McLaren Group.
“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.”
Looking ahead, McLaren is now exploring partnerships with other organisations like Polestar to develop technology for electric vehicles, according to the BBC.
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