In December, McLaren shareholders unanimously approved a full recapitalisation of the business ostensibly to allow for a “simplified” and “streamlined” governance process.
However, the finances of the supercar maker have long been under scrutiny.
During the COVID-19 pandemic, it took out a £150million loan with the National Bank of Bahrain, sold a stake in its F1 team, arranged a leaseback deal for its renowned Technology Centre factory in Woking and cut 1000 jobs.
Alongside delays to its new hybrid supercar the Artura, there were reports that Audi - which at the time was evaluating how best to enter F1 – was considering a major investment in McLaren.
But the McLaren Group has now announced that long-term investor Bahrain Mumtalakat Holding Company, the Bahrain sovereign wealth fund, has taken full ownership of the share capital “following the conversion of all preference shares into ordinary shares”.
Paul Walsh, McLaren Group executive chairman, said: “We are delighted at Mumtalakat’s continued commitment to McLaren through this deal, which strengthens our ownership and governance structure.
“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.”
Source: Autosport