On the eve of the Australian Grand Prix, McLaren Group has introduced that Bahrain’s sovereign wealth fund has taken full possession of the whole firm.
The McLaren Group was based by Ron Dennis shortly after his acquisition of the McLaren Formula One staff in 1981, because the TAG McLaren Group because of a partnership with Mansour Ojjeh’s TAG Group. The Formula One staff had been established by New Zealander Bruce McLaren in 1963.
Long-term strategic investor Bahrain Mumtalakat Holding Company (“Mumtalakat”), the sovereign wealth fund of the Kingdom of Bahrain, has now taken full possession of the share capital of the McLaren Group that builds high-end sportscars and owns a majority stake within the McLaren F1 staff.
Mumtalakat has been an investor within the McLaren Group since 2007, when it purchased a 30% stake from founding shareholders Ron Dennis and Mansour Ojjeh. Over the years, the wealth fund elevated that stake to 60%, whereas injecting tons of of tens of millions of kilos into the enterprise.
Expanding on the transition, Paul Walsh, McLaren Group Executive Chairman, mentioned: “We are delighted at Mumtalakat’s continued dedication to McLaren by way of this deal, which strengthens our possession and governance construction.
“This will additional allow us to deal with delivering our long-term marketing strategy, together with funding in new merchandise and applied sciences, while persevering with to discover potential technical partnerships with trade companions.”
Speaking of the brand new funding, His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, added: “Today’s announcement crystallizes the subsequent section of the Company’s trajectory of rising its management place within the luxurious tremendous automobile and motorsports industries. This reorganisation and new simplified construction positions McLaren for achievement and opens up strategic avenues, which embody exploring new partnerships to boost the corporate’s progress over the approaching years.
“The completion of this process is also a significant milestone that reflects our support for McLaren’s continued innovation and long-term commitment to excellence,” he mentioned.
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