P1racenews AI automatic summary:
Bahrain’s sovereign wealth fund Mumtalakat has reportedly agreed a deal to take full ownership of the McLaren Group – including the F1 team.
According to a report by Sky News, the sovereign wealth fund of a Gulf state is expected to become the majority owner of McLaren. This deal, which could be announced this week, would involve converting approximately 20% of the equity in McLaren into new contracts. While these new contracts would have economic rights to benefit from a future liquidity event, they would not be considered shares. Mumtalakat, already holding around 60% stake in McLaren Group, announced the approval of a full recapitalization, introducing a simplified share structure and streamlined governance process. Paul Walsh, McLaren Group Executive Chairman, stated that completing the recapitalization is a significant step in the ongoing transformation of the Group and will provide a strong foundation for growth. H.E. Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Bahrain Mumtalakat Holding Company, expressed that this announcement reflects the diligent efforts taken in a long-term plan to deliver an optimal governance structure for the Group’s continued innovation in the supercar industry.
