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P1racenews AI automatic summary:
Bahrain sovereign wealth fund buys out McLaren
In December, McLaren shareholders unanimously approved a full recapitalisation of the business for a simplified and streamlined governance process. The supercar maker’s finances have long been under scrutiny, especially during the COVID-19 pandemic. McLaren took out a £150 million loan, sold a stake in its F1 team, arranged a leaseback deal for its Technology Centre factory, and cut 1000 jobs. Reports surfaced about Audi considering a major investment in McLaren, but Bahrain Mumtalakat Holding Company has now taken full ownership. McLaren will focus on its long-term business plan, new products, and potential technical partnerships with industry partners.
