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Jeddah - Yasmine El Tohamy - LONDON: Mumtalakat, Bahrain’s sovereign wealth fund, announced on Friday it had taken full ownership of British motorsport company McLaren Group.
The deal means Mumtalakat, which was already McLaren’s biggest shareholder, also owns a majority stake in the McLaren Racing Formula One team.
The British firm had been going through a period of financial uncertainty, reporting heavy losses, and called the deal a “major milestone,” the BBC reported.
McLaren Group’s Executive Chairman Paul Walsh said in a statement: “We are delighted at Mumtalakat’s continued commitment to McLaren through this deal.
“This will further enable us to focus on delivering our long-term business plan, including investment in new products and technologies, while continuing to explore potential technical partnerships with industry partners.”
McLaren Racing’s CEO Zak Brown also announced on social media on Friday that his contract had been extended and that he would remain in charge of the organization until 2030.
He wrote: “It’s a privilege to work alongside the talented men and women across McLaren Racing’s different race series. Together, with our people, our fans, and our partners, we will continue to push the boundaries of motorsport and strive for the highest performance on and off the track.
“As CEO, and as a McLaren fan, I want what you want, to win. Let’s keep pushing.”
McLaren is the only racing team that competes in F1, IndyCar, Formula E, Extreme E, and Esports.
F1 is in Melbourne this weekend for the Australian Grand Prix, where Brown is at the helm for the third race of the season.
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