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<\/p>\nMcLaren could soon have a new owner. A new report says that an announcement could come as soon as this week revealing Bahrain\u2019s sovereign wealth fund, Mumtalakat Holding Company, will take full control of McLaren Group. The fund, wholly owned by the government, is reportedly negotiating a buyout with the remaining shareholders.<\/p>\n
This time last year, Mumtalakat had a nearly 60 percent stake in the company and expanded its control earlier in 2023. The fund and other investors have been a vital source of cash for McLaren in recent years, helping to keep the operation running as the company faced numerous production hurdles.<\/p>\n
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In late 2022, the automaker had to sell some of its historic vehicles to fund the development upgrades for the delayed Artura supercar. Mumtalakat allegedly paid 100 million pounds ($126.6 million at today\u2019s exchange rate) for an undisclosed number of historic vehicles, but the sale supposedly included a Formula One championship car.<\/p>\n
McLaren has also suffered from pandemic-induced supply chain issues, selling its headquarters and F1 factory in April 2021. It earned $240 million in the deal while remaining the tenant for the next 20 years.<\/p>\n