The company Mumtalakat Holding Company, a long-term investor in McLaren since 2008, recently acquired full ownership of the group. Bahrain has been actively involved in various sports-related activities, including hosting Formula 1 races annually. This change means that majority control over the McLaren F1 team will now be in the hands of Bahrain Mumtalakat Holding Company, Bahrain Sovereign Wealth Fund. The acquisition was made possible through the conversion of all preferred shares into common shares.
The recent acquisition brought immense joy to the McLaren CEO. Mumtalakat Holding Company has been a supporter of the McLaren group since 2007, acquiring a 30% stake in the team from the former president and deceased individual. As Mumtalakat Holding Company takes on a more prominent role in decision-making, the McLaren CEO has also signed a new agreement with the team. This agreement ensures that the CEO will remain in his current position until the end of 2030.
This change is a significant boost for McLaren’s F1 project, as CEO Brown has extensive experience in the sport. Joining the team in 2016, Brown is determined to restore McLaren’s former glory. McLaren is a prestigious team in Formula 1, having won an impressive 12 driver championships. However, since 2008, they have struggled to produce a championship-winning car. The team’s former world champion, a seven-time world champion, played a crucial role in their success.
