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According to some sources, McLaren, the sports car manufacturer, may soon have a new owner. Specifically, the Bahrain-based investment fund Mumtalakat is set to take control of the McLaren Group.
Wholly owned by the Bahraini government, Mumtalakat previously held a 60% stake in the group in December 2022, and has been steadily increasing its influence in 2023. The sources suggest that Mumtalakat is in negotiations to buy the remaining stake in the brand.
In recent years, investment funds have been crucial sources of funding for McLaren, enabling the brand to continue operations amidst numerous challenges in launching and producing new car models.
By the end of 2022, McLaren had even resorted to selling historic and valuable cars to raise capital for the delayed development and upgrade of the Artura hybrid model.
According to unofficial sources, Mumtalakat is said to have paid £100 million (equivalent to $126.6 million USD) for undisclosed special cars, including a championship-winning F1 race car.
McLaren has also faced supply chain issues due to the COVID-19 pandemic, and in April 2021, the company had to sell its headquarters and Formula 1 racing facility.
They earned $240 million through this deal and are still leasing it for the next phase of 20 years. A report from The Telegraph revealed that since July 2022, the company has received around £600 million ($760 million USD) from various investors.
Between March and September of this year, after ending 2022 with a loss of £349 million ($421 million USD), McLaren received £370 million ($469 million USD).
McLaren is also undergoing a restructuring process to streamline their business operations. The brand appointed Michael Leiters as the new Chief Executive Officer in July 2022, who admitted a few months into his role that the brand’s past products were “unfinished”.
A sole owner like Mumtalakat could bring stability to the brand. On the other hand, McLaren Racing owns a separate group of investors.
McLaren officially entered the Vietnamese market in March 2022, sharing the import and distribution house with other luxury brands such as Rolls-Royce and Lamborghini. During this time, the brand has been officially distributing popular supercar models such as the 720S, 720S Spider, 765LT, 765LT Spider, GT, and Artura.
Notably, the limited edition speedster model McLaren Elva, with only 149 units produced worldwide, was purchased by Pham Tran Nhat Minh with unique personalized details. The price of this model is up to 143 billion VND.
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