Two years after Saudi Arabia’s Public Investment Fund (PIF), along with Ares Management, invested over $510 million in McLaren, it is selling its McLaren stake to Bahrain state investment fund Mumtalakat, placing them as the highest shareholder of the McLaren Group, which includes the British supercar maker and McLaren Racing.
According to Sky News, the deal does not inject any new money into McLaren. Last June, Mumtalakat’s chief executive, Khalid Al Rumaihi, told Reuters that he expected McLaren to go public in two to three years. Earlier this year, McLaren received a huge funding boost from investors to push its plan to steer into the electric vehicle era.
According to reports, the PIF’s decision to withdraw from McLaren as a shareholder comes with a new focus: securing world-renowned football players and boosting its domestic football league.
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