The McLaren Group's largest shareholder, Bahraini sovereign wealth fund Mumtalakat, has taken full ownership of the British firm.
The Bahraini organisation has converted all of its convertible preference shares – which are marked down on the balance sheet as a form of debt – into ordinary shares, taking its stake in McLaren from 60% to 100%.
No details of any capital injection have been given, but the move raises hopes that the company has also been given the cash to fund future models and its electric transformation to the end of the decade.
By converting different classes of shares to one single type, Mumtalakat can better hope to attract a buyer, float the company on the stock market or secure crucial technological partnerships.
