P1racenews AI automatic summary:
Bahrain sovereign wealth fund buys out McLaren
In December, McLaren shareholders approved a full recapitalisation of the business to simplify governance processes, despite ongoing financial scrutiny. The supercar maker faced challenges during the COVID-19 pandemic, securing a £150 million loan, selling a stake in its F1 team, and cutting jobs. Reports suggested potential investments, including one from Audi and a full ownership transfer to Bahrain Mumtalakat Holding Company. Long-term investor Mumtalakat’s commitment to McLaren strengthens ownership and governance for future business plans. McLaren Group retains a majority stake in McLaren Racing after strategic partnerships and a new contract for CEO Zak Brown until 2030. In a UK House of Lords debate, concerns were raised about sports being used to improve countries’ image, highlighting F1’s association with Bahrain and human rights issues.
